Removal of administrative concessions for SMSF’s
From 1st July 2023, significant changes are required to how we administer Self-Managed Superannuation Funds (SMSFs) due to the implementation of event-based reporting requirements. As a result, our approach to managing SMSFs will be more proactive and diligent, requiring more frequent and regular assessments throughout the year.
Event-based reporting requires that certain SMSF events, such as pension commencements and commutations, be reported to the Australian Taxation Office (ATO) within a specific timeframe. This shift aims to improve transparency and ensure timely compliance.
To meet these new reporting obligations effectively, we will be working closely with our SMSF clients to stay on top of events as they occur. As a valued client, you may notice an increase in communication from us regarding your SMSF activities. This will help us promptly identify and address any reporting requirements, ensuring that your SMSF remains compliant and in good standing with the ATO.
Should you have any questions or concerns regarding your SMSF or the upcoming event-based reporting changes, our team is here to assist you at every step. We look forward to working together to secure your financial future and maintain compliance in this evolving regulatory landscape.