The SMSF Association has applauded the federal government’s decision to provide the ATO with additional funding for a Superannuation Guarantee Taskforce aimed at cracking down on employers failing to comply with their superannuation guarantee (SG) obligations.

The Tax Practitioners Board (TPB) has revealed 27 per cent of the 2748 registered tax financial advisers failed to renew their status in July with the industry body when required to do so.

The proposal to implement a transfer balance account report (TBAR) for SMSFs includes the ability for the ATO to impose penalties for non-lodgement or late lodgement of this information.

The new superannuation changes are driving SMSF trustees to seek help and advice from advisers and accountants in order to understand and be guided through the complex rules, financial planning practice Australian Wealth Solutions (AWS) has revealed.

Artificial intelligence (AI) and machine learning provide the possibility of enabling SMSF software and systems to autonomously and automatically pick out funds that have issues, lessening the burden of compliance on practitioners, according to BGL Corporate Solutions managing director Ron Lesh.

The availability of information needed to comply with the ATO’s new real-time reporting requirements remains a concern for the sector, but the regulator’s attitude to the issue remains unchanged, a senior SMSF technical executive has said.

Capital gains tax (CGT) relief available to SMSFs looking to comply with the newly imposed transfer balance cap will have to be applied on a case-by-case basis, creating further complexity for advisers and trustees in the preparation of fund accounts, a technical services manager has said.

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.