Episode 24 – Finalisation of TBAR requirements for SMSFs
The Australian Taxation Office (ATO) has recently finalised the approach for SMSFs to comply with the introduction of reporting various debits and credits against a member’s transfer balance cap. It has been a process of going back and forward with the industry, with the ATO having initially landed on a decision, only to be taken to task over the additional cost and compliance burden that was being imposed, not only on trustees, but the professionals who have endured enormous workloads due to the reforms, in addition to the ongoing problems with stability of ATO systems.
One of the biggest advocates for the SMSF sector pushing back on the ATO throughout this process was Ron Lesh, Managing Director of BGL Corporate Solutions. In this week’s webinar, I discuss with Ron about the outcomes of TBAR reporting for SMSFs, why the fight was so important to get this outcome and what it means for trustees and professionals. Aaron and Ron discuss the impact of the changes, what they mean, the risks and benefits of the ATO’s final position for transfer balance cap reporting.