Retirement
Don’t worry about your SMSF: ATO tells bushfire-affected Aussies
The Australian Taxation Office has told Australians in bushfire-affected areas not to be concerned about their SMSF affairs at this time.
Don’t worry about your SMSF: ATO tells bushfire-affected Aussies
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.
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.
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