The Tax Office is reminding individuals with self-managed super funds (SMSF) to prepare their 2016-2017 SMSF annual returns by no later than Monday 2 July 2018.
Earlier in the year, the ATO advised they were officially extending the due date to 30 June 2018. However, as this date falls on a Saturday, individuals with SMSFs have until the following Monday to lodge their annual returns without incurring any penalty.
This change will also apply to individuals reporting the 30 June 2017 value of any retirement phase income stream, using the transfer balance account report (TBAR). Individuals who meet the relevant criteria are reminded that this will be the last chance to opt for transitional capital gains tax (CGT) relief. This will provide short term relief to trustees of SMSFs who alter their asset allocations to meet the transfer balance cap and transition-to-retirement income stream (TRIS) reforms.
Start to take control of your SMSF and call Lee and Lee today. We are here to help. We are SMSF Specialist Accountants and members of the SMSF Association.
Susan Flux, Brisbane
Since that time I known Tony and his team at Lee and Lee, they have provided me with outstanding advice and services regarding my personal, family and especially my SMSF borrowing setup for wealth creation and tax reduction strategies that have since led to financial independence.
I now very clear and feel confident on my future financial goals and taxation strategies and know they can be achieved with Tony's expert and professional help.
Shukri Barbara, Property Tax Specialists Sydney
Tony has impressed me with his technical knowledge and execution. He works with honesty and integrity and is generous in his dealings.
John Mu, Internet Marketing Strategist Gold Coast
Tony has the strategies which are helping me legally minimise tax. He has helped me in my personal development and wealth creation to build a multimillion dollar property portfolio.
If you want a hands-on accountant who knows his stuff...Tony Lee is the man!