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.

The ATO has confirmed it will be examining SMSF asset valuations very closely in the immediate term due to the critical nature of these practices in regard to newly introduced elements such as the transfer balance cap, total super balance and capital gains tax (CGT) relief.

The ATO has announced it is working towards making data collected from its transfer balance account report (TBAR) regime available to individuals and tax agents in early 2018.

The ATO has announced it will closely monitor the activity on the transfer balance account report (TBAR) regime frequency, whether monthly or quarterly, in case it needs to be changed in order to be more effective.

The ATO has revealed it will consider allowing a two or three-year transition period for events-based reporting under transfer balance account reporting (TBAR) regime for pensions that are significantly below the $1.6 million transfer balance cap.