SMSF Association Submission
The SMSF Association welcomes the opportunity to provide this submission in response to the Australian Taxation Office Consultation Paper – Streamlining transfer balance cap event-based reporting arrangements for SMSFs.
Broadly, we support the application of a consistent approach across the SMSF sector for Transfer Balance Account (TBA) reporting. As such, we have no objection to moving to quarterly TBA reporting. We do, however, have some concerns, particularly with regards to timing. These are addressed in our responses to the consultation questions below.
- Where a transfer balance event has occurred, would you prefer that the event is to be reported not later than 28 days after the end of the quarter in which the event occurred started 1 July 2022 or 1 July 2023?
- In the future, would you like to see more frequent TBAR reporting for SMSFs, to further reduce reporting delays and improve an individual’s experiences to better manage their transfer balance cap? If yes, please provide details. For example, 28 days after the event occurred or 10 days after the event occurred?
- Do you have any concerns about streamlining TBAR reporting for SMSF that you would like to raise? If yeas, please provide details.