The ATO is constantly changing various aspects about what you need to disclose and 2018 is no different. When you lodge this year you need to report more data than ever and ensure your SMSF is in top shape going forward. From the 1st July 2017 superannuation reforms introduced a new reporting regime for funds. Funds now need to advise the ATO of key events within the fund that impact on retirement income streams (pensions):
- When you start a pension
- When you stop a pension or take a lump sum
- When the fund accepts a structured settlement contribution such as personal injury compensation.
Superannuation funds are also required to report the value of existing superannuation income streams at 30 June 2017.
While reporting of these events to the ATO does not start until 1 July 2018 for SMSFs, event-based reporting still needs to be completed if these events occur from 1 July 2017 – that is, you have a reprieve from the compliance but not the actual reporting.
If we are managing your SMSF’s accounting and compliance, we will track most of these events for you electronically where you have enabled us to access feeds from your SMSF’s bank accounts. If we see any transactions that could meet the reporting criteria, we will be in touch with you to confirm the nature of these events.
Where electronic feeds are not available – if your bank does not support them or where you have opted not to enable the feeds, you will need to let us know about these events at the time they occur.
In addition to the new events based reporting regime, SMSFs are also obliged to report any of the following changes to the ATO within 28 days.
- Fund name
- Fund address
- contact person for the fund
- fund membership
- fund trustees, and
- the directors of the fund’s corporate trustee
If you need help or Assistance with your SMSF, we’re here to help. Or maybe you have been thinking about if its right for you, book in now.