BDO national leader of superannuation Shirley Schaefer says in order to get the capital gains tax concessions on assets, the SMSF needed to have been in pension phase by 9 November 2016.
“So if, funnily enough, everyone starts a pension on the 8th of November, I’m sure the ATO will be concerned that really you’ve gone back and backdated that documentation, rather than having actually commenced a pension,” Ms Schaefer told SMSF Adviser.
Ms Schaefer said this doesn’t mean there weren’t people who legitimately did start pensions between 1 July 2016 and 9 November 2016, but the ATO will be monitoring how many people did actually start pensions in the week before 9 November.
“You were either in pension phase then or you weren’t. It’s not really a case of, ‘Well I should have been so I will be’,” she said.
“There may be some SMSF practitioners out there who aren’t strong or insistent with clients about this sort of stuff.”