The government has decided to remove the proposal to require SMSF financial statements to be prepared at least 45 days prior to an SMSF’s lodgement date in the final version of the Treasury Laws Amendment (Miscellaneous and Technical Amendments) Regulations.
This week, Treasury Laws Amendment (Miscellaneous and Technical Amendments) Regulations 2020, which contained a raft of minor and technical amendments to Treasury portfolio laws, was registered by the government.
The original exposure draft contained a controversial measure to require SMSFs to prepare accounts 45 days before lodgement due date for the fund.
The requirement would have meant that, in some instances, the financial statements would need to be finalised by 16 September, less than three months after the end of the financial year.
The proposal was met with substantial resistance from the accounting industry, with the SMSF Association, The Tax Institute and other accounting bodies warning that the requirement would place SMSF professionals under increased pressure and exacerbate issues with late lodgement.
Fortunately for the SMSF sector, SMSF Association deputy chief executive Peter Burgess said the 45-day proposal was removed from the final regulations.
“It appears that Treasury is no longer going ahead with this proposal,” Mr Burgess said.
“The SMSF Association raised strong concerns about the consequences of this proposal and we are pleased they are not being introduced.”
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