The Self-managed Independent Superannuation Funds Association (SISFA) has said it will continue to work closely with the ATO in order to adjust the way its transfer balance account report (TBAR) regime will work for SMSFs.

The ATO has clarified its stance on two-fund strategies used by SMSFs and whether this approach will give rise to the regulator’s scrutiny, following continued concerns from the industry.

The latest ATO figures have revealed the value of retirement savings considered lost or unclaimed is now close to $18 billion across 6.3 million accounts as at 30 June 2017.

The ATO has declared it will be closely scrutinising any apparent changes in the use of reserves in response to the newly imposed transfer balance cap and total super balance.

The SMSF Association has called on the ATO to adopt a practical approach regarding the introduction of the transfer balance account report (TBAR) and in doing so has thrown its support behind the proposed ‘option 2’ method of reporting.