POWERED BY MOMENTUM MEDIA
SMSFA applauds ATO lodgement deferral
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.
Recommended for you
The impact of identity theft and its threat to superannuation savings were highlighted in a case that went before the Federal Court at the end of 2023.
A recent NSW Supreme Court decision is an important reminder that while super funds may be subject to restrictive superannuation and tax laws, in essence they are still a trust and subject to equitable and common law claims, says a legal expert.
New research from the University of Adelaide has found SMSFs outperformed APRA funds by more than 4 per cent in 2021–22.
The SMSF Association has made a number of policy recommendations for the superannuation sector in its pre-budget submission to the government.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.72 3 y p.a(%)
3
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
27.64 3 y p.a(%)
