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Tax Tip

30th November -0001

Reporting issues for SMSFs

In some circumstances, SMSFs will need to provide an accumulation phase value ('APV') on a transfer balance account report ('TBAR') for 30 June 2017 (APV reporting for 30 June 2017 is due by 8 September 2018).  APV is a component of a member’s total superannuation balance which shows the value of the member’s assets in the accumulation phase at 30 June, and may be different to the account balance of the SMSF member’s accumulation phase assets.

Providing an APV of the assets held for the member is conditional for SMSFs in the 2016/17 financial year.  Broadly, reporting the APV is mandatory where the member had a capped defined benefit income stream or a flexi-pension in their SMSF on 30 June 2017, but will only be required for an SMSF member with 100% of their interest in accumulation phase at 30 June 2017 when the difference between the APV and the closing account balance "is not limited of the value of exit fees, administration fees and realisation costs".  If not provided, the member's APV will be calculated as the difference between the closing account balance from the SMSF annual return and the value of the member's transfer balance account for the SMSF at 1 July 2017.

To streamline reporting requirements, the ATO has modified the 2017/18 SMSF annual return and added a new label to enable the report of the APV, so TBAR forms will not be required to report APV from 2017/18 year onwards.

Editor: Our Super Schools Day 1seminars running around the country in September and October 2018 will look at all of the changes to the SMSF annual return for the 2017/18 year, and also provide comprehensive guidance to the latest issues affecting SMSFs.

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