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New Reporting Obligation for Self-Managed Super Funds

There are changes a plenty following the recent overhaul of the superannuation laws and Self-Managed Super Funds (SMSFs) have not missed out on carrying some of the compliance burden.

From 1st July 2018 SMSFs will have new reporting obligations following the recent introduction of the new Transfer Balance Cap measures and event-based reporting.

The Transfer Balance Cap is the limit on the amount of super you can transfer into and hold in tax-free ‘retirement phase accounts’. The cap has been set at $1.6 million from 1st July 2017 and applies to existing retirement phase accounts created on or before 30 June 2017. These existing retirement accounts may be referred to as pension accounts or income streams.

Event-based reporting will be required on a quarterly basis for any SMSF that has a member’s balance, referred to as the Total Superannuation Balance, of $1 million or more. The SMSF will be required to report events impacting their transfer balance account such as a new retirement phase income stream. If the member has a balance of less than $1 million, they will be required to report any events at the time they lodge the funds income tax return ie. annual basis.

In most cases SMSFs will not need to start event-based reporting for the transfer balance cap until 1st July 2018. However, an SMSF needs to ensure that it has appropriately documented all income stream valuations and decisions for the 2017-18 year.

For further information on the new cap and reporting obligations please follow the links below or contact our office via email or phone (07) 3446 5906.

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