The ATO reported yesterday that with the 30 June lodgement deadline now having passed, nearly a quarter of SMSFs still had not lodged their SMSF annual return for the 2018/19 financial year.
It has been our experience that these late lodgement cases often have a complexity. This may be due to less unusual transactions such as divorce splits, deaths, numerous payments needing allocation to pension/accumulation accounts etc. It is important to tidy up these funds soon because the most recent financial year is going to bring its’ own challenges. I am particularly concerned that legacy pension accounts need to be completed significantly in advance of last year’s schedule. Finalisation close to the 31 December, 2020 Centrelink deadline is not going to leave enough time for considering asset test exemption loss.
NetActuary can help! We have calculators that (for example) allow us to allocate any type of end of year allocations. How much does this support cost? Zero! It is part of the service where a firm uses NetActuary to provide its’ ECPI and legacy pension actuarial reports. Give Brian a call on (03) 9028 5002 for a chat.
Brian Bendzulla
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