Draft reporting regulation to exacerbate late lodgements, penalties
The Treasury’s proposed 45-day preparation requirement for SMSF financials will not address issues with late-lodging SMSFs and will instead lead to further late submissions and substantial penalties, says the Institute of Public Accountants.
As part of a consultation on a range of miscellaneous amendments to portfolio laws, the Treasury recently proposed a new regulation which would require the accounts and statements of an SMSF to be prepared at least 45 days before the day the return is due.
Read more at SMSF Adviser.
