It is important for SMSF trustees to ensure their funds do not exceed the newly implemented transfer balance cap (TBC) due to the restricted parameters the ATO has to operate under when enforcing this requirement, the regulator has said.

The ATO has released a position paper requesting industry feedback on two possible time frame scenarios for SMSFs for events-based reporting under its transfer balance account report (TBAR) regime.

The ATO has officially declared its dislike of running two SMSFs in conjunction with one another as a method by which to manage and comply with the newly imposed $1.6 million transfer balance cap in video content it has released with the SMSF Association.

The SMSF Association has welcomed the ATO’s decision to extend the lodgement date for SMSF annual returns in light of the superannuation legislation changes and compliance points funds need to get through before 1 July.

The ATO has identified the treatment of personal services income among SMSF trustees as a key focus of its compliance activity regarding tax planning practices.