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.

The ATO processes that will implement the new super reforms mean advisers, accountants, tax agents and other professionals working with SMSFs must change and adapt to a new world of reporting, particularly the transfer balance account report (TBAR) regime.

The ATO has updated its paper transfer balance account report (TBAR) form to allow up to four transfer balance cap events to be reported per member.

The SMSF Association has come out in full support of the ATO’s recently published Super Scheme Smart material, which is designed to give taxpayers relevant information and cases studies about illegal retirement planning arrangements, including the associated risks and warning signs.

The ATO last week revealed its final position on events-based reporting for SMSFs, announcing this reporting method for SMSFs under its transfer balance account report (TBAR) regime will be limited to those funds with members that have total super account balances of $1 million or more.