The SMSF Association has highlighted that SMSF trustees and members will now have access to their personal transfer balance cap (TBC) information, but has cautioned it may still change due to delays in the ATO releasing the details.
In a series of tweets, the association pointed out the personal TBC information will be available from 15 July and SMSF members can view it via ATO Online, while their tax agents will also be able to view the details in the regulator’s Online Services for Agents portal.
The release of personal TBC information was originally scheduled for 5 July, but was pushed out to 15 July on 2 July by the ATO, which stated the further delay was “due to system issues limiting our ability to deploy indexation for all individuals who currently have a transfer balance account”.
The association noted the “ATO haven’t been processing any retirement-phase event info that was reported during 1 to 15 July 2021” and personal TBCs may still be in a state of flux.
“Despite having met reporting obligations, a member’s personal TBC may still change if there was an event which impacts on their highest-ever balance in their transfer balance account before 1 July 2021,” it said.
“This equally applies to all SMSFs that have yet to report events for members that took place before 1 July 2021.”
The industry body has also urged its members to register for its upcoming Technical Summit, which will take place online, and pointed to three sessions it believes will be of benefit to members.
The first of these is a technical session with Autonomy First lawyer Michael Perkins and clinical neuropsychologist Dr Jane Lonie on cognitive decline and how SMSF practitioners can identify it in their clients.
The second session will look at the issue of Australians with United Kingdom pensions, where DirectDocs barrister Jeremy Gordon and SMSF Association policy manager Tracey Scotchbrook will examine the issue of changes to the Qualified Recognised Overseas Pension Scheme and pitfalls in the UK pension transfer process.
SuperGuardian education manager Tim Miller will present the third keynote session on the rising popularity of crypto/digital investments among SMSFs and how the regulatory environment is struggling to keep pace with that growth.
