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The Tax Institute Submission | Consultation paper on streamlining transfer balance cap event-based reporting arrangements for self-managed super funds

Published on 14 Jan 22 by THE TAX INSTITUTE

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.

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The Tax Institute is Australia's leading professional association and educator in tax, with offices in most major cities. Focusing solely on tax, the Institute provides the best resources, education and networks. Our mission is to equip tax professionals with everything they need to demonstrate the highest level of expertise and increase the advancement of public knowledge and understanding. We are also committed to propelling members into the future and onto the global stage with the introduction of the Chartered Tax Adviser designation.
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