As part of the 2017 accounts preparation the CGT Relief was applied to the assets of your Super Fund (where applicable) to the extent that they needed to be rolled back into the Accumulation component of the Super Fund in order to comply with the $1.6 million caps.
The next extension of the ATO monitoring and enforcing the $1.6 million caps is something called TBAR or Real Time Reporting. You may be reading about this in the Press at the moment, as the first date to report TBAR to the ATO is 30/06/2018.
Our administration service is taking care of this for you as our software is enabled to prepare & lodge this report. However, the new TBAR reporting regime requires a big change in the way we provide Administration services to you.
Superannuation Funds are required to lodge a quarterly or annual (depending on the size of Members balances), TBAR report to the ATO, commencing the end of June 2018.
Complying with this lodgement cycle means that we now need to process all of the transactions for your superannuation fund each quarter, rather than annually. Also, the 2018 financial year accounts need to be processed & reported to the ATO by the 30th September 2018 for any Superannuation Fund required to be a quarterly TBAR reporter.
Our ultimate aim will be to have all of your data processed each month, so that the ATO reporting is totally streamlined.
We need your help so we can ensure that your Fund complies with the new reporting deadlines. The following will help us with this task:
- Sign and return the electronic data feed forms so that our software can import as much electronic data in real time as possible.
- As soon as possible in July please provide us with all of your super fund transaction information for the 2018 financial year so we can prepare these accounts as quickly as possible, before 30th September 2018.
- Each month, commencing July 2018, send us any super fund transaction information that we are unable to obtain from automatic data feeds, so that we can process it and always be up to date.
Through the use of automatic data fed information we aim to make this process the least disruptive to you as possible.
There will be many advantages of having access to up to date information for your superannuation fund. Once you are used to the new Administration process you will find that you will feel more organised and confident with your superannuation fund record keeping. This in turn will allow you to make better informed decisions for your superannuation fund.
We are always here to help you. Should you have any questions or concerns please contact us 03 8419 9800.