The SMSF Association has called on SMSF trustees to take action now if they want to use the capital gains tax (CGT) relief provisions contained in the super reforms as part of their strategy to comply with the new transfer balance cap.

The ability for an SMSF to implement a strategy of using a related party limited recourse borrowing arrangement (LRBA) to purchase certain assets not covered by the ATO safe harbour guidelines, such as a parcel of unlisted shares, without having the income from the investment being treated as non-arm’s length, may well be impossible.

BGL Corporate Solutions believes the ATO has significantly underestimated the complexity of the new events-based transfer balance account reporting (TBAR) regime requirements, the amount of data that will be reporting and the impact on compliance costs on SMSFs and the broader super industry.

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.