SMSF reporting changes

Events you need to report

An SMSF must report events that affect a member's transfer balance account.

Common events are:

• details of when a member starts a retirement phase income stream, including death benefit income streams – details you need to provide include
  • type of income stream
  • the value
  • start date

When you need to report

All SMSFs must report events that affect their members' transfer balances. Due dates will depend on their total super balance until 30 June 2023, however there are instances where you need to report sooner.

The ATO encourages you to report events before they are due because it:

• helps members manage their transfer balance account and avoid exceeding their personal transfer balance cap
• helps ensure the calculation of a member's personal transfer balance cap is based on full and accurate information, in particular for events that occur in the income year before indexation
• avoids incorrect excess transfer balance determinations being issued.

Reporting is not necessary if no event occurs.

Until 30 June 2023

Due dates for transfer balance event reporting are determined by the total super balances of an SMSF's members, unless they need to report sooner.

Total balance $1 million or more

If the total balance of any of your members was $1 million or more on 30 June the year before the first member starts their retirement phase income stream, you must report quarterly.

This means you must report the event that affects the members transfer balance within 28 days after the end of the quarter where the event occurs.

Total balance less than $1 million

If the total balance was less than $1 million, you can report annually at the same time you lodge your SMSF annual return.

From 1 July 2023, you will no longer be able to lodge annually. We recommend you start lodging quarterly now.

From 1 July 2023

All SMSFs will be required to report quarterly, even if the members total super balance is less than $1 million. This means you must report the event that affects the members transfer balance within 28 days after the end of the quarter in which the event occurs.

All unreported events that occurred before 30 September 2023 must be reported by 28 October 2023. This means you cannot report at the same time as your SMSF annual return (SAR) for the 2022–23 income year.

How we can help

More and more people are opting for an SMSF, as it can provide much greater flexibility and a way of keeping costs down.

TaxAssist Accountants can assist with:

• Setup and Administration of Self-Managed Super Funds (SMSF)
• Assistance with Lump Sum withdrawals
• Assistance on Property, Shares & Investments inside Superannuation Funds
• Audits on Super Funds

For help with Superannuation, give us a call on 02 9608 3707 or fill in our enquiry form and we can set up a free initial consultation.

Date published 11 Feb 2023