Event-based reporting experiencing slow take-up
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.
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.