Superannuation is changing again, but this time it’s for everyone’s benefit. The ATO is inching closer to real-time reporting, and SMSF trustees need to adapt to this latest move in the ATO’s regulatory duties.
Real time reporting, similar in concept to single touch payroll, is the push for integrity and accuracy throughout the superannuation system. Under real time reporting, SMSF trustees will need to ensure that their accounting and tax affairs are being recorded in real time, i.e. live. Furthermore, certain events, (such as the starting of a new pension or cessation of a pension), will need to be reported to the ATO within 28 days of the end of the quarter. Live and regular reporting of SMSF events is in stark contrast to how SMSF trustees have always operated, which is the annual handover of documentation to prepare the financial reports and annual tax return.
Hughes O’Dea Corredig is ready to assist clients future proof their SMSF in order to meet these new trustee regulatory obligations, and support them with our superior customer service. Your team of superannuation specialist accountants at Hughes O’Dea Corredig are already using the latest real time reporting software, and look forward to sharing this, and all its benefits, at your next meeting.Tags: SMSF
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