The SMSF Association has applauded the ATO’s decision to seek industry feedback on a quarterly option for events-based reporting under its transfer balance account report (TBAR) regime.

Revenue and Financial Services Minster Kelly O’Dwyer has announced the federal government’s intention to introduce a bill into Parliament this year to shut down a loophole allowing employers to reduce their obligations under the superannuation guarantee (SG) levy if an employee enters into a salary sacrifice arrangement.

Accountants using white-label statement of advice (SOA) services must ensure their templates are specifically tailored to each client, as well as kept up to date with the ongoing changes to the super reforms, in order to meet Australian Securities and Investments Commission standards.

Sectors of the financial services industry that prove to have a low level of compliance issues should be given discounts when it comes to the funding model for the Australian Securities and Investments Commission (ASIC), the SMSF Association has said.

SMSFs may now be the only superannuation structure to accommodate pension commutation notifications required to be lodged by 30 June under Practical Compliance Guideline (PCG) 2017/5 for members to adhere to the new transfer balance cap, according to a retirement savings technical expert.

BGL Corporate Solutions has released important 2017 tax and compliance functionality for its SMSF software, Simple Fund 360.

SMSF trustees should not be concerned the obligation to adopt real-time reporting, as a result of the super reforms brought down in last year’s budget, will lead to a significantly onerous administrative burden for their funds in the future, a technical expert has said.

Knowing how to comply with the $1.6 million transfer balance cap (TBC) to be introduced on 1 July is the issue SMSF trustees are most worried about as indicated by the five most frequently asked questions of the ATO.

The SMSF Association has urged trustees to seek specialist advice in order to make the most of the super reforms, as well as ensure their funds comply with the new regulations.