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Retirement

Don’t worry about your SMSF: ATO tells bushfire-affected Aussies

By Grace Ormsby · February 05 2020
Reading:
egg

Retirement

Don’t worry about your SMSF: ATO tells bushfire-affected Aussies

By Grace Ormsby
February 05 2020
Reading:
egg
Don’t worry about your SMSF

Don’t worry about your SMSF: ATO tells bushfire-affected Aussies

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By Grace Ormsby · February 05 2020
Reading:
egg
Don’t worry about your SMSF

The Australian Taxation Office has told Australians in bushfire-affected areas not to be concerned about their SMSF affairs at this time.

“We appreciate you need time to focus on your family and community,” the ATO said, before indicating it would help these individuals sort out their obligations later.

If your SMSF’s business or postal address is in an identified bushfire-impacted postcode, the Tax Office said activity statements, annual return lodgments and associated payments have automatically been deferred – there’s no need to apply.

The same also applies for members or trustees in affected postcodes, even where the SMSF is not.

The ATO also urged SMSFs to be cautious of people who advise they can help with the release of, or access to, super at this time and follows a similar warning just last week.

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There are strict rules around the use of such assets prior to retirement age. 

If someone offers to help you access your super and you’re not sure whether it’s legal, the ATO advised reaching out to it for assistance.

Don’t worry about your SMSF: ATO tells bushfire-affected Aussies
Don’t worry about your SMSF
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About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

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We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

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About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

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