After much debate the decision on real time reporting for Self-Managed Super Funds (SMSFs) has finally been announced.
The outcome is that funds that have a member who has a balance of $1M or more will now be required to report to the ATO quarterly with details of any transactions that impact any members Transfer Balance Cap. This includes the commencement of pensions, lump sum withdrawals from pensions, rollovers as well as a number of other less common transactions. The due date for the report will be 28 days after the end of the quarter the event took place in. So if you commence a pension on say 15th November you must report this on the December quarterly report, due 28 January.