Consultation paper on streamlining transfer balance cap event-based reporting arrangements for self-managed super funds

The Tax Institute welcomes the opportunity to make a submission to the Australian Taxation Office (ATO) in relation to the consultation paper on streamlining transfer cap event-based reporting arrangements for self-managed super funds (the Consultation Paper).

In the development of this submission, we have consulted with our National Superannuation Committee to prepare a considered response which represents the views of the broader membership of The Tax Institute.

The Tax Institute broadly supports a simplified transfer balance account reporting (TBAR) system for self-managed super funds (SMSFs). We consider that SMSFs should be encouraged to report regularly, but note the need to ensure that SMSF trustees are not placed under an excessive compliance burden. Our comments below broadly follow the questions in the Consultation Paper.

Submission prepared by:

The Tax Institute

Submitted to:

Superannuation and Employer Obligations
Australian Taxation Office

For more information, contact:

Abhishek Shekhawat
Associate Tax Counsel, The Tax Institute
02 8223 0013

Published: 14 January 2022