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07 Oct 2021 Superannuation

Treatment of military invalidity benefits following Full Federal Court decision

Due to the Full Federal Court decision in Commissioner of Taxation v Douglas [2020] FCAFC 220, the tax and superannuation treatment of specific invalidity benefit payments has changed. The ATO is currently running a remediation program for historical income tax assessments and superannuation reporting for impacted individuals.

Individuals receiving military invalidity benefits – impact of court decisions explains how to work out if you are affected by this decision.

If your pay as your go (PAYG) withholding has increased because of the Court’s decision, review the PAYG for military superannuation payments page for more information.

If you are affected by the Court’s decision, the ATO has also provided information on this page to help you prepare your 2021 individual income tax return.

COVID-19 relief for SMSF trustees extended to 2021–22 financial year

The COVID-19 pandemic continues to have a significant financial effect on SMSFs, particularly in some States or Territories where there are recurring and prolonged lockdown periods.

In recognition of this, the ATO has extended the following types of relief, currently offered for the 2019–20 and 2020–21 financial years, to cover the 2021–22 financial year:

  • SMSF residency relief
  • rental relief
  • loan repayment relief
  • in-house asset relief.

More information can be found here.

Your SMSF annual return may be due by 31 October 2021

Some SMSFs have their annual return (SAR) due by 31 October 2021. Make sure you have an appointed auditor and get your accounts and statements in order. 

More information can be found here.

Quarterly TBAR is due 28 October

If you have quarterly lodgment obligations, your quarterly transfer balance account report (TBAR) will be due 28 October.

More information can be found here.

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