In the income year ending 30 June 2018, approximately 318,000 transfer balance account events were reported by SMSFs, an ATO spokesperson told SMSF Adviser.
The bulk of these were lodged in the later part of the financial year with nearly 90 per cent of these reported in June 2018.
The ATO also reported that during the 2017/18 financial year it issued approximately 2,000 excess transfer balance determinations (ETB) to individuals where an SMSF was listed as a provider in the default commutation notice included with the ETB Determination.
ETB determinations are issued to individuals, the ATO said, taking into account their reported retirement phase income streams across all their funds.
SMSFs were required to report any pre-existing income streams they were receiving at 30 June 2017 by 1 July 2018.
SMSFs that have any members with a total superannuation balance of $1 million or more must report events affecting members’ transfer balances within 28 days after the end of the quarter in which the event occurs.
Last year, Class estimated that approximately 20 per cent of all SMSFs have at least one member aged 60 and over as well as a member with a balance over $1 million.
[quote=Anonymous]Is the ATO providing any leeway in regards to honest mistakes which have been made? [/quote]
I am totally sick of this ATO bashing people who simply want to funf their retirement.
Absolute bureacratic nonsence and hypocrisy.
After a lifetime working in the industry it has all become too much of a nitghtmare and I along with multitudes of colleagues are walking away from this absolute stupidity.
Surely an indication that the TBAR rules, regulation and compliance is over complicated nonsense. If you want to tax members with more than 1.6 million there are a lot easier ways to do it without this complicated rubbish.
Is the ATO providing any leeway in regards to honest mistakes which have been made?
I’ll bet you that most of those 2000 are caused by rollovers out of SMSFs of pension members with <$1m to retail funds (who then correctly reported the new pension to ATO). This has the effect of doubling up amounts the ATO believe are pension funds (and easily pushing the member past the 1.6m) because the SMSF if NOT obligated to report the rollout until the annual return. ATO know about this but have no mechanism to preemptively deal with it, instead they are '[i]encouraging [/i]trustees to report early'.