You have until 1 July 2018 to report your balance SMSF

Discussion in 'Superannuation, SMSF & Personal Insurance' started by Mike A, 27th Apr, 2018.

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  1. Mike A

    Mike A Well-Known Member

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    Thats right. For all SMSF who have a member receiving an income stream from an SMSF you have until 1 July 2018 to report your balances.

    If you have a member receiving an income stream just before 1 July 2017 and they continue to receive an income stream after 1 july 2017 you must report by 1 july 2018 REGARDLESS of the total member balance

    As @Paul@PFI has said many times are your systems handling this ?

    New reporting obligations for SMSFs
     
    Mike A, 27th Apr, 2018
    #1
  2. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    I wonder when they will work out the reporting framework ? August ? I believe they announced a $1m exception to the 1 July date and allow those funds to report annually with tax. Havent updated their website however !! Only a media release

    SMSF event-based reporting

    And for $1m+ its 28 days after end of the quarter whatever that means. Report what !!

    Not all SMSFs have live data. Me thinks its a joke
     
    Paul@PAS, 27th Apr, 2018
    #2