New SMSF reporting requirements

The 1 July 2017 superannuation reforms introduced a new reporting regime for funds.

Funds now need to advise the ATO of key events within the fund that impact on retirement income streams (pensions):

  • When you start a pension
  • When you stop a pension or take a lump sum
  • When the fund accepts a structured settlement contribution such as personal injury compensation.

Superannuation funds are also required to report the value of existing superannuation income streams at 30 June 2017.

While reporting of these events to the ATO does not formally start until 1 July 2018 for SMSFs, event based reporting still needs to be completed if these events occur from 1 July 2017 – that is, you have a reprieve from the compliance but not the actual reporting.

If we are managing your SMSF’s accounting and compliance, we will track most of these events for you electronically where you have enabled us to access feeds from your SMSF’s bank accounts. If we see any transactions that could meet the reporting criteria, we will be in touch with you to confirm the nature of these events.

Where electronic feeds are not available – if your bank does not support them or where you have opted not to enable the feeds, you will need to let us know about these events at the time they occur.

In addition to the new events based reporting regime, SMSFs are also obliged to report any of the following changes to the ATO within 28 days.

  • Fund name
  • Fund address
  • contact person for the fund
  • fund membership
  • fund trustees, and
  • the directors of the fund’s corporate trustee

To discuss your SMSF reporting requirements call PPT Accounting on (03) 5331 3711.

DISCLAIMER: The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone.  If expert assistance is required, professional advice should be obtained.