{"id":1329,"date":"2022-08-29T05:19:05","date_gmt":"2022-08-29T05:19:05","guid":{"rendered":"https:\/\/actinvest.com.au\/?p=1329"},"modified":"2022-08-29T05:19:05","modified_gmt":"2022-08-29T05:19:05","slug":"ato-clarifies-critical-reporting-deadline-with-tbar-transition","status":"publish","type":"post","link":"https:\/\/actinvest.com.au\/index.php\/ato-clarifies-critical-reporting-deadline-with-tbar-transition\/","title":{"rendered":"ATO clarifies critical reporting deadline with TBAR transition"},"content":{"rendered":"

The ATO has clarified that SMSFs will need to report all unreported events from the 2022\u201323 year by 28 October 2023 once the new framework starts.<\/strong><\/p>\n

\"\"<\/p>\n

–<\/p>\n

ATO client engagement director Dalila Vellotti has confirmed some important details on when SMSFs who are currently annual reporters will need to report events from the 2022\u201323 income year once they move into the new framework.<\/p>\n

The ATO announced in late June that\u00a0from 1 July 2023, transfer balance account reporting (TBAR) for SMSFs will be streamlined, with all SMSFs being required to report an event 28 days after the end of the quarter in which an event occurred.<\/p>\n

Speaking in the SMSF Adviser Show podcast this week, Ms Vellotti gave an example of an individual who starts a pension on 1 July 2022 this year who is in an SMSF where all members had a total super balance under $1 million last financial year.<\/p>\n

\u201cUnder the current reporting arrangements, they would be eligible for annual reporting and they wouldn\u2019t have to lodge their TBAR until they lodged their annual return which could potentially be May 2023 with the extended lodgment period,\u201d said Ms Vellotti.<\/p>\n

However, once the new reporting framework commences on 1 July 2023, Ms Vellotti said this annual concession will no longer be available.<\/p>\n

\u201cWhat this means is that from 1 July all events must be reported, being all unreported events, on a quarterly basis. This means that if there are any unreported events up to 30 September, they must be reported by 28 October 2023,\u201d she explained.<\/p>\n

Ms Vellotti confirmed that the SMSF member in the example would therefore need to report the commencement of the pension on 1 July 2022 by 28 October 2023 at the very latest.<\/p>\n

\u201cOnce that period starts, anything that\u2019s unreported needs to be reported,\u201d she said.<\/p>\n

\u201cThat will reduce a lot of the complexity and it\u2019s intended to be very straightforward.\u201d<\/p>\n

The 1 July 2023 start date effectively provides SMSFs and SMSF professionals a year to prepare for quarterly based reporting, she noted.<\/p>\n

\u201cSo, it\u2019s not a case of \u2018well I\u2019ve got the annual concession, I can just rely on that\u2019. You need to get all your reporting up to date so that you\u2019re able to report quarterly from 1 July,\u201d she warned.<\/p>\n

\u201cIts not dependent on when the event happened, its dependent on the concession.\u201d<\/p>\n

Ms Vellotti said the ATO is encouraging the practitioners to identify which clients will be impacted and let them know about the change.<\/p>\n

\u201cGet your reporting in as soon as possible. Don\u2019t leave it [until] the last moment,\u201d she cautioned.<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

Miranda Brownlee
\n24 August 2022
\nsmsfadviser.com<\/p>\n","protected":false},"excerpt":{"rendered":"

The ATO has clarified that SMSFs will need to report all unreported events from the 2022\u201323 year by 28 October 2023 once the new framework starts.<\/strong><\/p>\n","protected":false},"author":1,"featured_media":1330,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[],"_links":{"self":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1329"}],"collection":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=1329"}],"version-history":[{"count":1,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1329\/revisions"}],"predecessor-version":[{"id":1331,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1329\/revisions\/1331"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/media\/1330"}],"wp:attachment":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=1329"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=1329"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=1329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}