The ATO has revealed that 11,000 SMSFs have lodged a transfer balance account report (TBAR), despite event-based reporting for SMSFs officially due to start on 1 July.

SMSFs that take advantage of the budget measure to increase the number of members allowed in a fund must think through issues such as increased administrative complexity, behavioural factors when it comes to investing, risk profiles, additional trustee penalties and increased risk of trustee disputes.

Superannuation was not subjected to the glare of the spotlight in last night’s federal budget as strongly as it has been in recent years, however, a collection of smaller changes will still provide opportunities for clients, particularly for those with SMSFs, according to industry executives.