The clock is ticking for self-managed superannuation funds (SMSFs) on a quarterly transfer balance cap (TBC) schedule, with SMSF Association head of policy, Jordan George, warning that they must make their first lodgement with the Australian Taxation Office (ATO) in three weeks.
Under the new rules, SMSFs with any members with total balances over $1 million must report events affecting members transfer balances within 28 days of the end of the quarter in which the event occurs, meaning 28 October is the deadline looming for last quarter.
Even should an SMSF only have one member with a total super balance of over $1 million they would still need to report all events.
George reminded trustees that this meant that pensions commencing on 1 July this year would need to be reported in this reporting cycle.
He also reiterated that once an SMSF is assessed as either annual or quarterly reporting, it would remain on that schedule for its life.
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