The ATO has published a position paper for industry consultation to consider two options in respect to a SMSFs reporting obligations for events that impact a member’s transfer balance account.
These two options include:
- Option 1 – Following a transition period until 1 July 2018, the ATO would require SMSFs to report 10 days after the end of each month where an event occurs. Specific exceptions would apply for commencement of income streams and LRBA repayments (amongst others), allowing reporting to occur 28 days after the end of each quarter.
- Option 2 – Following a transitional period until 1 July 2018, the ATO would introduce quarterly events-based reporting (28 days after end of each year) for SMSFs for a transitional period until 1 July 2020, then shift reporting to 10 days after month end.
In this podcast, Aaron discusses these two options, analyses the key issues within the position paper and share his thoughts on the future challenges presented within the industry as a result of the introduction of the new transfer balance cap measures.
ATO Position Paper
Click on the link to view the ATO’s position paper, ATO Position: Paper Transfer Balance Cap & SMSF ‘Event-Based’ Reporting Framework
Want to find out more about the proposed SMSF events-based reporting requirements? Non-members can access the webinar for $99 (incl. GST).
NB. Members, this webinar is available within the Campus platform to access at any time.
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