As reported in our previous Sladen Snippet, the Australian Taxation Office (ATO) is currently developing a new self managed superannuation fund (SMSF) event based reporting regime to be called the Transfer Balance Account Report or TBAR.
Under the ATO’s initial proposal, the transition period for TBAR reporting for the 2018 year (ie from 1 July 2017) would enable SMSFs to defer reporting for most events until the SMSF was due to lodge its 2017 tax return (ie 15 May 2018 for many SMSFs). However, the ATO has indicated that it will extend that transitional period to 1 July 2018.
This means that SMSFs will not have to report most of their transfer balance cap credits and debits (typically starting or commuting pensions) for the 2018 year until 1 July 2018.
From that date, however, SMSFs will have to report on a monthly basis as previously noted.
To discuss this further or for more information please contact: