2017/18 has been a year of huge change and there is a lot to think about before we hit 30 June.
And we at BGL are pleased to help you ensure your SMSF is ready for the end of 2018 financial year!
The main things you should have in mind at the moment are getting the 2017/18 returns lodged, completing audits, the CGT reset and of course the initial Transfer Balance reporting, all of which are required prior to 30 June 2018! But you also need to remember that 2017/18 is also the first year of the $1.6m cap and there are a couple more changes that need to be considered in the 2018/19 years.
Simple Fund 360 and Simple Fund Desktop software has already helped over 60% of SMSF’s meet their obligations. However, it has become increasingly evident over the past 12 months, firms who are not automated are finding it increasingly difficult to properly service their SMSF clients! Automation is no longer a nicety, but a necessity for SMSF administrators. Those firms who have automated their SMSF work seem to be coping significantly better than those who have not.
Other important thing we have been working on to help you is the actuaries to incorporate the changes to Exempt Current Pensions Income (ECPI) calculations into your actuarial certificates. This is incredibly complicated and has involved a huge amount of work by both BGL and our 8 actuarial certificate partners! And really this is only the start of the next stage of SMSF reporting.
We are now moving into the TBAR reporting regime where many SMSFs will need to provide quarterly TBAR pension reporting to the ATO. This will require you to be highly organised and highly automated.
Comprehensive list of all the 2017/18 changes:
BGL has prepared a comprehensive list of all the 2017/18 changes to keep you up-to-date! Click here to check it.