Those of you with an SMSF where at least one member has a balance of more than $1m, need to be aware that there are several events that now need to be reported to the ATO in real time – ie not after the end of the year when we are preparing your tax returns.
The events that need to be reported are only those that impact your transfer balance caps, for example …
- Lump sum withdrawals from accumulation balances
- Starting a new pension
- Closing or commuting part or all of a pension
Deadlines apply for reporting purposes and of course massive fines where deadlines are missed.
So, as ever – best to ask BEFORE you do anything!
Lindsay 0413 952 180