The ATO has revealed that 11,000 SMSFs have lodged a transfer balance account report (TBAR), despite event-based reporting for SMSFs officially due to start on 1 July.

An SMSF expert has questioned whether the federal government’s proposal to increase the maximum number of allowable members into an SMSF is a “knee-jerk” reaction to Labor’s franking dividend policy.

The 2018 budget proposal to transfer all inactive superannuation accounts where balances are below $6000 to the ATO will have unintended consequences for SMSFs that also have industry and retail super accounts, according to a lawyer.

SMSFs that take advantage of the budget measure to increase the number of members allowed in a fund must think through issues such as increased administrative complexity, behavioural factors when it comes to investing, risk profiles, additional trustee penalties and increased risk of trustee disputes.