ATO announces which SMSFs will be included in event-based reporting

The ATO has announced that event-based reporting will be limited to SMSFs with members with Total Superannuation Balances of $1 million or more, starting 1 July 2018. This comes after “detailed consultation” with the SMSF sector.

SMSFs included in event-based reporting will be required to report events within 28 days after the end of the quarter in which the event occurs, said ATO Deputy Commissioner James O’Halloran. He also said SMSFs with member Total Super Balances under $1 million can choose to report events when they lodge the SMSF Annual Return. Read more...

ATO raises option of quarterly event-based reporting transition period

The ATO is considering a transition period for event-based reporting, with events reported 28 days after the end of the quarter instead of monthly reporting.

The ATO has released, on Let’s Talk, a position paper for consultation. The ATO says: “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.” Read more...

The ATO is “screwing you over” on event-based reporting, says BGL

The ATO is ‘screwing over’ SMSF professionals with the proposed event-based reporting requirements.

BGL recently started a campaign, called #telltheATO, aimed at getting the ATO and Government to rethink superannuation event-based reporting, which will require much more information to be reported and much sooner after transactions occur.

Related: SMSF event-based reporting “draconian”, no basis in legislation: BGL

Mr Lesh said he started the campaign because he’d “had enough”. Read more...

SMSF event-based reporting “draconian”, no basis in legislation: BGL

BGL says the new event-based reporting requirements are “draconian”, and that it can’t find where in the legislation the new rules are mandated.

BGL – which makes Simple Fund 360, among other software –  has launched a campaign, called #telltheATO, and started a petition to go to Minister Kelly O’Dwyer and the ATO Commissioner, in the hopes that the ATO will rethink its position.

Under event-based reporting super funds, including SMSFs, will be required to report more information to the ATO, and much sooner after the events occur. Read more...

ATO expects event based reporting forms ready October/December 2017

The ATO expects to release forms for event based reporting of the Total Superannuation Balance and Transfer Balance Cap in October and December 2017, but it is unclear if the figures will be available via the Tax Agent Portal.

The Total Superannuation Balance and Transfer Balance Cap are concepts introduced as part of the fair and sustainable superannuation changes. As part of these changes super funds will move to reporting of events soon after they occur, rather than on an annual basis.

The ATO has been working on the Transfer Balance Account report (TBAR) as the way funds report information including the date and amounts of pension commencements or commutations. Read more...

BGL rejects that SMSFs will be slower adopting event-based reporting

BGL, which makes SMSF administration software Simple Fund 360, rejects the suggestion that SMSFs will adopt event-based reporting later than large APRA-regulated super funds.

BGL said the suggestion that the SMSF industry would move to more frequent reporting later than APRA-regulated funds was just the large funds taking the opportunity to “have a go” at SMSFs, at a time when large funds were having issues with their own technology.

“Our clients records whether they are using Simple Fund 360, BGL’s market leading cloud SMSF solution, or Simple Fund Desktop are in impeccable condition,” said BGL Managing Director Ron Lesh. Read more...