Tax and Super Australia and The Self-managed Independent Superannuation Funds Association (SISFA) believe that reporting transfer balance events to the ATO is an important process. In our joint submission to the ATO, our view is that transfer balance account reporting (TBAR) should remain on an annual basis, whilst still providing SMSFs with the option to report events as they occur rather than waiting for the due date. Moving to an annual reporting framework would reduce red tape and allow SMSFs to complete all their reporting at once – eg tax return, financial statements and TBAR.
Despite our preference for annual reporting, if the current quarterly regime is retained, we believe that SMSFs should be given until 1 July 2023 to report events to the ATO to allow SMSFs sufficient time to adjust to the more frequent quarterly reporting regime.
Read the full submission here.