The legitimacy to claim capital gains tax (CGT) relief granted under the new super reform rules in regard to timing, as well as associated valuations, are likely to come under intense ATO scrutiny, an SMSF specialist law firm has said.

The ATO has stressed SMSF trustees do not need to be overly concerned about the perception the administrative requirements in running a fund will significantly increase due to the introduction of real-time reporting.

SMSF data gathered and reported by the ATO requires greater detail to provide a better insight into the trends the sector is experiencing, the head of a specialist administration provider has said.

The Institute of Public Accountants (IPA) has called for greater accountability from the ATO in the form of a service agreement in light of the ongoing technology issues that have significantly impacted on accountants and tax agents across Australia.

The ATO has flagged the transitional rules for non-concessional contribution (NCC) bring-forward amounts as an expected pain point as SMSF advisers continue to work out in which financial year the rule was triggered in line with their clients’ total super balance.

The ATO has underscored three scenarios under which SMSFs will have to report to the tax office prior to the introduction of the events-based reporting system next year.