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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.

If no one in your SMSF is taking a pension, then there is nothing for you to report.  So for many funds whose members are still quite some time away from retirement nothing will change.

For funds that already have pensions in place, you would have received a letter from our office recently to advise this change was coming, and to ask that you contact us before you make lump sum withdrawals, take more than your minimum pension or make a contribution to your SMSF.  This will ensure we can assist you in documenting the transaction allowing you to meet your real-time reporting obligations.

If you have any questions about your SMSF, please contact our office and we can step you through the changes that will apply to you.

General Advice

The information provided by Bentleys (Sunshine Coast) Pty Ltd does not constitute financial product advice and is for general information only. It is written without taking into account any individuals personal objectives, situation or needs, and is not intended as professional advice. Any person acting upon such information without receiving specific advice, does so entirely at their own risk. Please contact your Accountant to discuss your personal situation before relying on this information.