SMSFs must now report event that affect their members’ transfer balance accounts.
Events such as receiving a pension from the fund are included.
The timing of such reporting depends upon the total superannuation balance of all members of the SMSF.
SMSFs with a total member superannuation balance of less the $1 million may report at the same time as lodging the annual return.
For SMSFs with a total balance of more than $1 million they must report events affecting members’ transfer balances within 28 days after the end of the quarter in which the event occurs.
For more information contact Mark Somes.