The ATO said in a webinar that as of the end of April, it has only seen approximately 11,000 SMSFs adopt event-based reporting so far.
This represents just 1.9 per cent of the total 592,658 SMSFs, based on the latest ATO statistical report.
It is a significant jump from the 900 SMSFs that had commenced event-based reporting in mid-February this year, however.
The ATO noted that it’s now less than eight weeks before event-based reporting becomes a reality for SMSFs.
In a public communication, it also stated that across the whole superannuation sector it had issued approximately 550 commutation authorities to funds where a member had not commuted their income streams by the due date.
I’m sure when bulk lodgement becomes available by the software that we use, there will be a huge jump in numbers. That is what we are waiting for. Right now the system is far too clunky to be worth bothering with.
We are only 6 weeks away from lodging the first wave of TBAR to report 30 June 2017 pensions and the ATO still doesn’t know what they want. They have changed the TBAR form twice and now we hear stories that they want accumulation balances also reported?
Is it any surprise that TBAR is being run out of the ATO Penrith office, the same place that housed the RBL Unit all those years ago, and we all know the debacle that RBL’s became. How many of the original ATO RBL team have been conscripted into TBAR or “RBL Mk 2” and are repeating the same mistakes?
Trustees and their adviser/accountant’s are already up to their eyballs with CGT reset matters. For TBAR the ATO initially only made available a 1 form per event, then changed it to 4 events per form. Then only last week it was made clear that the accumulation balance also needs to be reported, what may I ask is the SMSF annual return for? Not to mention that some (still not all) software providers have only recently made it possible to produce these forms from software. WIth the final issue being that the TBAR report can’t be signed by the Tax Agent (even though they are the agent of the tax payer) it must be signed by the trustee, which results in the form needing to be posted to the client, as can’t email as it has TFN’s on it, so privacy issue!
See the issues here ATO ? Don’t worry you keep up the urging!