The Government has recognised the affect of COVID-19 on many SMSF trustees and their service providers as they prepare to lodge their SMSF annual returns (SARs).
It is a requirement of SIS that SMSFs must be audited before lodging the SAR. Super laws require an auditor be appointed 45 days before the lodgment due date.
The next SAR due is 15 May. If more time is needed to lodge, tax agents and auditors can contact the ATO before the due date to request a bulk extension.
Tax agents can apply for a deferral for their SMSF clients for up to six weeks (that is, lodgment is due up until 30 June).
The extension to June 30 must be requested by each tax agent personally as a blanket extension has not been granted.
The ATO has set up a COVID-19 page for SMSF trustees, SMSF auditors, tax agents and administrators requiring more information and help.
Back to COVID-19 Articles