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.
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.