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Superannuation changes 2017

Most of the changes takes effect from 1 July 2017. Details are available here.

 

 

Update: SMSF New Reporting Measure

There are changes to the superannuation system that are coming into effect from 1 July 2017 and the Australian Taxation Office's desire for clearer and timelier information. The ATO has made progress towards alternate reporting measures – more timely events-based reporting (real-time reporting) on assets and whole-of-member data.

2017-18 year will be a year of transition. The ATO is working with the SMSF sector to put in place transitional reporting arrangements in 2017-18 to assist the sector to move to more timely events-based reporting for transfer balance cap purposes (i.e commencing and stopping income stream, income stream payment and lump sum payment). The ATO has indicated that the time frame for reporting is 10 business days from the occurrence of each of the event.

Progressively, the event-based reporting will be expanded to encompass other events, such as contributions, and member account balances.

This represents a change to the reporting from Annual to ongoing. As the ATO progresses on these new reporting requirements, we will continue to be able to meet these compliance and reporting obligations.

We have offered our Premium SMSF services for numerous years now, which is run on the most sophisticated SMSF administration software. With our Premium SMSF service, it will enable us to meet these forthcoming reporting requirements and provide you with enhanced reporting that is up-to-date and available online.

For the Premium SMSF service, in addition to the year-end financial accounts and tax return being prepared for your SMSF, we will also attend to the following:

With the Premium SMSF service, it will reduce the paperwork you will need to collate and provide to us to future years.

Test the demonstration account:
Click here to access demo account
Username: test@superaccounting.com.au
Password: superaccounting

More about Premium SMSF service.