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SMSF event-based reporting

3 months ago
‘From 1 July 2017, there is a new limit on the total amount an individual can transfer into retirement income stream accounts, such as pensions and annuities. This is known as the ‘transfer balance cap’.

Further information about the ‘transfer balance cap’ is available on the ATO website Super changes for SMSFs.

From the 1 July 2018 SMSF trustees will be required to report events impacting an individual member’s transfer balance on an events basis.

We have published a position paper to explain how events based reporting by SMSFs for transfer balance cap purposes will work, including which events SMSFs will be required to report to the ATO from 1 July 2018 and how they will be reported to the ATO.

We are seeking your feedback on one specific aspect of SMSF events based reporting, being how often SMSFs are required to report events impacting an individual member’s transfer balance from 1 July 2018. Specifically, we are seeking your feedback in relation to two possible alternative options that are outlined in our position paper.

Our position paper is accessible via Let’s Talk – ATO.

To access the SMSF event based reporting feedback form click here.

The consultation period is open for 28 days and the closing date for feedback in relation to how often SMSFs will be required report members’ transfer balance account events is required by 5pm Friday 15 September 2017.