• Super Success - Relief for up to 85% of SMSFs

The ATO has announced 85% of SMSF Trustees are no longer required to undertake the burden of additional reporting required from 1 July 2017 in "real time", allowing access to annual reporting.

The Super Reforms added additional reporting requirements to SMSF Trustees to enable the ATO to monitor members "Transfer Balance Cap" from 1 July 2017.

From 1 July 2018 those SMSFs that have members with total superannuation account balances of $1 million or more will be required to report events impacting members’ transfer balances within 28 days after the end of the quarter in which the event occurs.