{"id":1543,"date":"2017-06-20T18:30:36","date_gmt":"2017-06-20T08:30:36","guid":{"rendered":"https:\/\/cruzandco.com.au\/?p=1543"},"modified":"2017-06-19T09:19:27","modified_gmt":"2017-06-18T23:19:27","slug":"smsfs-real-time-reporting-will-required-soon","status":"publish","type":"post","link":"https:\/\/cruzandco.com.au\/smsfs-real-time-reporting-will-required-soon\/","title":{"rendered":"SMSFs: More \u2018Real-time\u2019 Reporting Will Be Required Soon"},"content":{"rendered":"

 <\/p>\n

\"\"<\/a>Along with the new transfer balance cap that is being introduced from July 1 this year, the ATO has indicated that more \u201cevents-based\u201d reporting will be required for it to adequately deal with the evolving SMSF regime.<\/p>\n

Indications that this was a direction that SMSF trustees may be expected to take arose from the newly established Super New Measures SMSF Consultation Group<\/a>, which met for the first time earlier this year. This group was established to ensure regular discussion between stakeholders and the sector\u2019s regulator.<\/p>\n

The ATO advised that due to practical implications for SMSF members there are several events that SMSFs will need to report to the ATO on an events basis for the purpose of the transfer balance cap, including:<\/p>\n

    \n
  1. When an SMSF complies with a commutation issued by the Commissioner.<\/li>\n
  2. When there is a full commutation of an SMSF member\u2019s entitlement to income stream.<\/li>\n
  3. When there is a partial commutation of an SMSF member\u2019s entitlement to an income stream.<\/li>\n
  4. When an SMSF member\u2019s entitlement to an income stream arises from a structured settlement.<\/li>\n<\/ol>\n

    It is understood that the ATO had proposed to introduce event based reporting for all SMSFs from July 1, 2017, but recognised there were practical issues to deal with an that trustees would require sufficient time to transition to a model of more regular events-based reporting.<\/p>\n

    Under the proposed reporting requirements, some events like a commutation of a pension would be required to be reported within 10 business days after the end of the month in which that commutation occurs. The commencement of pensions would need to be reported within 28 days of the end of the quarter.<\/p>\n

    The ATO also noted that it is expecting to issue a range of different letters to individual super fund members, including instances where an individual member:<\/p>\n

      \n
    1. Has triggered a non-concessional or concessional contribution \u2018bring forward\u2019.<\/li>\n
    2. Are at the risk of exceeding the $1.6\u00a0million transfer balance cap.<\/li>\n
    3. ATO data indicates they may have exceeded the $1.6\u00a0million transfer balance cap.<\/li>\n
    4. Have made concessional contributions greater than $25,000.<\/li>\n
    5. Have income stream entitlements over $1.5\u00a0million.<\/li>\n
    6. Have income stream entitlements between $1\u00a0million to $1.5\u00a0million.<\/li>\n
    7. Are under age\u00a025 and have an income stream.<\/li>\n
    8. Evidence suggests they are 59\u00a0or\u00a0over and they have a Capped Defined Benefit income stream.<\/li>\n<\/ol>\n

       <\/p>\n

      Source:\u00a0 Tax & Super Australia<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

       <\/p>\n

      Along with the new transfer balance cap that is being introduced from July 1 this year, the ATO has indicated that more \u201cevents-based\u201d reporting will be required for it…<\/p>\n","protected":false},"author":4,"featured_media":1544,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":""},"categories":[3],"tags":[55],"acf":[],"_links":{"self":[{"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/posts\/1543"}],"collection":[{"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/comments?post=1543"}],"version-history":[{"count":1,"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/posts\/1543\/revisions"}],"predecessor-version":[{"id":1545,"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/posts\/1543\/revisions\/1545"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/media\/1544"}],"wp:attachment":[{"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/media?parent=1543"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/categories?post=1543"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/tags?post=1543"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}