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Event-based reporting experiencing slow take-up

Event-based reporting experiencing slow take-up

ATO
Miranda Brownlee
10 May 2018 — 1 minute read

With only 2 per cent of SMSFs having adopted event-based reporting so far, the ATO is urging SMSF trustees to familiarise themselves with the new reporting requirements before 1 July.

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.

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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.

 

Event-based reporting experiencing slow take-up
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