Self-managed superannuation fund (SMSF) professionals should take advantage of the Australia Taxation Office's (ATO's) decision to extend the initial Taxpayer Alert (TA) 2016/6 by disclosing any arrangements that give concern, the SMSF Association believes.
The association welcomed the decision to give SMSF trustees an extra three months to declare tax planning schemes where personal services income has been diverted to their SMSF.
The initial TA 2016/6 was issued last year with the deadline of 31 January but has been extended to 30 April 2017.
SMSF Association head of technical, Peter Hogan said all SMSF professionals and trustees should consider carefully all their investments and arrangements with all parties, whether related or not, for compliance with the super and tax laws and relevant legislation.
"They should also revisit TA 2016/6. The Association encourages all SMSF professionals to revisit this alert to review its potential impact on their SMSF clients," Hogan said.
"In addition, consideration should be given to disclosing any arrangements that give any concern in order to take advantage of this ATO extension deadline.
"Although planning for and implementing strategies over the next five months in anticipation of the 1 July 2017 changes is critical, trustees and their advisers need to be diligent and cognisant of their ongoing obligations arising over this period, and take appropriate action in a timely manner."