Tax agents pressured with new SMSF reporting scheme commencing in 2018

Facebook Twitter LinkedIn Mail Us

The Australian Tax Office has proposed a start date for the new events based reporting system for SMSF, with an industry association lobbying for a long transitional period to buy SMSFs more time to adjust.

SMSF Association technical head Peter Hogan said the ATO had considered starting the reporting scheme after the 2016/2017 financial year return lodgement.

According to him, it was a bit early for everyone because the systems would still have to be in place and that only 10 to 15% of funds will lodge by October.

Mr. Hogan said that assistant commissioner Kasey Macfarlane has confirmed the changes could commence either 15 May or 1 July of next year.

It could put a huge amount of pressure on the trustees of small funds, SMSFs and tax agents. Industry bodies continue to work with the ATO to make sure that there will be enough time for funds and agents to prepare themselves before the changes start.

“The initial reporting regime will only involve transfer balance account transactions, so debits and credits, and will not involve the total superannuation balance,” Mr. Hogan added. “These transactions will be reportable 10 days after the month in which the transaction occurs.” However, the exception will be the commencement of pensions.

The ATO suggests that pensions have to be reported at least 28 days after the quarter in which it was commenced to give SMSF trustees time to value assets appropriately.

The obligation to report regularly for SMSFs won’t happen until at least May 2017 but SMSF practitioners and clients have to be conscious of the value of any transactions.

Related:  To TRUST or not to TRUST for Property Investments

When the first report occurs, clients have to back-fill the reporting history back to 1 July 2017 from when the first transaction happened. This is the first month that the fund has a reportable event.

For more information about SMSF and taxes in Australia, contact a Specialist to discuss your particular circumstances.

If you like what you are reading, subscribe to our newsletters now at


Photo: Flickr



The material on this website has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained on this website is General Advice and does not take into account any person’s particular investment objectives, financial situation and particular needs. Before making an investment decision based on this advice you should consider, with or without the assistance of a securities adviser, whether it is appropriate to your particular investment needs, objectives and financial circumstances. In addition, the examples provided on this website are provided for illustrative purposes only.

Although every effort has been made to verify the accuracy of the information contained on this website, lnfocus, its officers, representatives, employees and agents disclaim all liability [except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this website or any loss or damage suffered by any person directly or indirectly through relying on this information.

Leave a Reply

Your email address will not be published. Required fields are marked *

Join our mailing list today!

Keep up to date with our latest news & updates!