The ATO has revealed SMSFs have been using its transfer balance account report (TBAR) to inform the regulator of events affecting their transfer balance cap and total super balance, with the system so far working well.

The regulator has underscored three key areas for SMSFs to review and assess well before the end of 2017.

The ATO’s warning on risky retirement planning arrangements, made recently as part of its Super Scheme Smart initiative, was carried out to prevent

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.