May 07, 2020 / News

COVID-19 / Superannuation

Deferrals of Super Lodgements and Payments

There are a number of things you can do if COVID-19 has affected your fund’s cash flow or your ability to fulfil your duties as trustee.

If you believe the PAYG instalments paid to date will cover the fund’s income tax liability for 2020, you can vary future PAYG instalments to nil, or even obtain a refund of earlier instalments. The ATO has announced that if you choose to vary your PAYG instalments, they won't apply penalties or charge interest to varied instalments for the relevant income year.

The ATO has announced a blanket extension of time until 30 June 2020 for the lodgement of the 2019 SMSF annual return. The annual return of most SMSFs would have been due for lodgement by 15 May 2020.

If your fund generally receives GST refunds on its quarterly BAS’, you might consider changing to monthly reporting to accelerate the receipt of refunds.

Please note that GST, super guarantee contributions and PAYG withholding amounts are still required to be paid by the usual due dates, as these are regarded as amounts held on behalf of others for transmission to a super fund or to the ATO.

Please contact your Nexia Edwards Marshall advisor if you wish to discuss any of these issues, or any other matter in connection with superannuation.

The material contained in this publication is for general information purposes only and does not constitute professional advice or recommendation from Nexia Edwards Marshall. Regarding any situation or circumstance, specific professional advice should be sought on any particular matter by contacting your Nexia Edwards Marshall Adviser.