SMSF - quarterly reporting

Following on from the new estate laws The Australian Taxation Office's DIY super boss has reassured advisers grappling with last year's super rule changes that she doesn't plan to further increase their regulatory burden.
Assistant tax commissioner Kasey Macfarlane said that providing there were no further legal changes made by Parliament, her agency would not increase reporting requirements beyond changes now being made to meet last July's super reforms.
However, she challenged a room packed with advisers at the SMSF Association conference to think about coming to grips with technological changes that were being embraced by corporate industry and retail funds regulated by the Australian Prudential Regulation Authority.

SMSF fund advisers are coming to grips with new reporting requirements, including quarterly reporting regulations about to hit DIY funds with a member who fund balance is $1 million or more. 
While most funds will still only have to make annual reports to the tax office, funds with a super millionaire will have to file quarterly reports covering issues that might take the member over the new $1,600,000 threshold for new laws affecting super pensions.

The quarterly reporting takes effect from July 1 next year but is part of a regulatory burden arising from last July's move to tax high-balance super income streams and limit after-tax contributions when a person's super balance approaches $1,600,000.

The delayed reporting by SMSF's in contrast to the tax office often receiving detailed and up-to-date information from corporate, industry and retail funds regulated by the Australian Prudential Regulation Authority. 

Tax Commissioner James O'Halloran told the conference the latest round of changes made it even more important for SMSF trustees to manage their fund.

You need to be aware of the status of your fund, asset investments and the choices and not just on an annual basis.

The reporting is the end of the process. It is just reflecting what has happened.
It is important because the excess contributions bill is not from when we find it but....from when the breach occurred.
There is an accumulation of things that is quite preventable by better sharing of information and active monitoring of your self-managed super fund.
Ms Macfarlane said the SMSF needed to ask itself whether it should better embrace technology and improving reporting.
She said the tax office and taxpayers benefited from her agency receiving timely information from the APRA-regulated funds.
That actually gives us the opportunity to proactively go out and alert and nudge...to say you are closing in on some of these caps so they are aware of it, "ms Macfarlane said.

She sad the SMSF sector was an integral part of the $2.1 billion superannuation system, with 600,000 funds for over 1.1 million members and $700 billion under management.
(Article provided by the West Australian 19/2/2018)

Whatever you do they will try and screw you over the main thing is that you adhere to the rules and regulations and if you are self managing ignorance is no excuse so be prepared to get hit.

MAKE YOUR OWN DECISIONS AND GIVE IT A REAL GO!!

SELLING MOSMAN PARK & THE WESTERN SUBURBS!!

KEEPING IT REAL IS OUR MOTTO!!