Based on consultation with the SMSF Association and industry, the ATO have confirmed a significant permanent carve out of reporting to the ATO for SMSFs with individuals who have less than $1 million in superannuation. SMSFs with individuals with $1 million or more will be required to report quarterly.
This white label document outlines the ATO’s new reporting requirements for superannuation pensions.
Ensure your SMSF clients understand the new reporting requirements and whether it will affect them and their funds, now or in the future.
At the time of publishing, the contents of this resource were accurate and correct.
Disclaimer: Technical Papers contain factual information only and are prepared without considering particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. The information contained in this document does not constitute advice given by the SMSF Association to you. If you rely on this information yourself or to provide advice to other persons, then you do so at your own risk. The SMSF Association is not licensed to provide financial product advice, legal advice or taxation advice. We recommend that you seek appropriate professional advice before relying upon the information in this technical paper. While the SMSF Association believes that the information provided is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this paper is not considered financial advice for the purposes of the Corporations Act 2001. © SMSF Association