The ATO has announced it will be providing guidance for SMSFs in relation to the use of reserves and the practical implementation of the downsizer and First Home Super Saver Scheme initiatives introduced as part of last year’s federal budget.

The ATO has confirmed it has no plans to enhance the detail contained in the statistics it compiles for the SMSF sector, despite calls from practitioners to do so.

The ATO’s extension for SMSF annual returns will not have a huge impact on trustees with highly complex capital gains tax (CGT) relief issues, according to a technical expert.

The SMSF community has expressed its approval of the announcement from the ATO as to what the rules governing total account balance reporting (TBAR) for superannuation funds will be.