Reporting date looming for SMSFs
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.
AUTHOR
Hannah Wootton
Recommended for you
The corporate regulator’s crackdown on SMSF auditor misconduct continued in the third quarter, with ASIC taking action against 11 auditors who were all referred by the Australian Taxation Office.
A Perth adviser who stole over $1 million from his clients has received a jail sentence in Perth District Court today, with the judge reprimanding his lack of remorse for the crime.
Financial advisers are being urged to expand their skills with specialist SMSF training as the volume of assets held in SMSFs reaches $876 billion.
The firm has announced revenue growth of almost 30 per cent to $33.7 million in its annual results and will be seeking to reach $100 million by 2030, doubling its previous target.
