The ATO has already been notified about errors made in the calculation and implementation of the transitional capital gains tax (CGT) relief provisions contained in the super reforms.

The ATO has reaffirmed its commitment to providing improved services and removing any irritants to tax agents as it works closely with the industry to get future initiatives and strategies right.

The ATO has indicated certain scenarios affecting an SMSF member’s transfer balance cap should be reported under the transfer balance account report (TBAR) sooner rather than later to avoid double counting of income streams.

The ATO has today handed down the outcome of its position paper, announcing that events-based reporting for SMSFs under its transfer balance account report (TBAR) regime will be limited to those SMSFs with members that have total super account balances of $1 million or more.

The ATO has clarified SMSF trustees who experience family law cases, fraudulent activity or bankruptcy that affects their transfer balance cap will be required to follow a separate process to the transfer balance account report (TBAR) regime.