The Australian Tax Office has pushed back the lodgement date for self-managed super funds (SMSFs) from May 15 to the end of June.
The move has been welcomed by the SMSF Association, with chief John Maroney saying the extra breathing room will offer some relief to funds affected by the COVID-19 economic downturn, and other market volatility.
It could also provide some benefit to Aussie small business owners, many of whom self-manage their super.
The deferral of lodgement and payment will be applied automatically to SMSF annual returns for the 2018-2019 financial year.
Martoney said the decision had been made following discussions between ATO commissioner Chris Jordan and SMSF assistant commissioner Dana Fleming.
These meetings were “extremely fruitful, allowing us to work through numerous issues since the COVID-19 public health crisis”, Maroney said in a statement.
“There is a realisation that these difficult times require pragmatic solutions that might not be in strict accordance with the legislation,” he added.
“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.”