The total super balance of the individual members of an SMSF is the determining factor of how often a particular fund will have to complete a transfer balance account report (TBAR), rather than the total super balance of the member who is drawing a pension.

An SMSF change of trustee document could be a “time bomb” if not properly drafted by a lawyer, due to the numerous hurdles to overcome in order to ensure a valid removal and alteration.

While the issue of SMSF members meeting their minimum pension payments has received much attention since the new super rules commenced, the overpayment of pension income is equally as crucial an area to monitor, a specialist industry law firm has warned.

The SMSF community has expressed its approval of the announcement from the ATO as to what the rules governing total account balance reporting (TBAR) for superannuation funds will be.

John Evennett, from New South Wales, has been disqualified from being an approved SMSF auditor by the Australian Securities and Investments Commission (ASIC).

SMSF trustees need to be cautious that the new treatment of transition-to-retirement income streams (TRIS) does not lead to a breach of the transfer balance cap (TBC) introduced on 1 July, a senior SMSF technical practitioner has said.

SMSF advisers and trustees must be aware that notifying the ATO about the use of the capital gains tax (CGT) relief provisions, included as part of the superannuation reforms introduced on 1 July, cannot be done via the annual return of the fund.