The Self-managed Superannuation Fund (SMSF) Association has applauded the decision by the Australian Tax Office (ATO) to allow deferral of SMSF lodgements to the end of June.
Lodgement and payment deferrals would be automatically applied to SMSF 2018-19 annual returns with the 15 May lodgement date pushed back 30 June, 2020.
John Maroney, SMSF Association chief executive, said they had been able constructively work with the ATO to find solutions for SMSFs affected by the lockdown, as well as market volatility.
“Discussions, which have included the ATO commissioner Chris Jordan who attended a recent association board meeting, and SMSF assistant commissioner Dana Fleming, have been extremely fruitful, allowing us to work through numerous issues since the COVID-19 public health crisis erupted in March, with [the] announcement simply highlighting this,” Maroney said.
The ATO had also provided guidance related to limited recourse borrowing arrangements (LRBAs), rent and interposed entity relief.
“These initiatives are indicative of how the ATO has responded in a constructive way to the economic and market consequences of this tragic pandemic, and we will continue to work with the regulator to ensure the SMSF sector emerges from this crisis in the best possible shape,” Maroney said.