Class data highlights scale of looming SMSF reporting deadlines
Thursday, 7 June 2018 – Monday, 2 July 2018 is the double-whammy deadline for both SMSF Returns and the start of Transfer Balance Account Reporting (TBAR). With less than a month to go, accountants have a big task ahead to lodge FY17 annual returns, claim CGT relief and report 30 June 2017 TBAR balances for SMSFs with pensions.
Despite the extension to SMSF annual return lodgments being granted both last year and this year, analysis of Class Super data reveals that accountants are 10% behind on lodgments compared to end of May last year.
Aaron Dunn, CEO Smarter SMSF, noted: “I work with a lot of practices across the industry, the delay is not a surprise and the extension provided by the ATO was appreciated, and clearly needed, to deal with the huge disruption and additional workload brought about by Super Reforms.”
Analysis of Class Super lodgment data
• At 31 May 2018, total SMSF lodgments were trailing by 10%, compared to last year.
• Despite prioritising lodgment of pension phase funds (given TBAR balance reporting is due 2 July) pension fund lodgments are still 6% behind where they were last year.
• Lodgment of accumulation phase funds lags by a full 15% on where they were at 31 May 2017.
Kevin Bungard, Class CEO, says: “The industry has risen to the significant challenges of Super Reforms; it is great to see practices ‘boxing-smart’ and focusing on pension funds so that the TBAR balance reporting deadline can also be met.”