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Event-based reporting framework for SMSFs

The event-based reporting (EBR) framework for self-managed super funds (SMSFs) commenced on 1 July 2018. The initiative allows for the administration of the Transfer balance cap (TBC). Under the EBR framework, you need to report to the ATO, when the first member of your SMSF begins a retirement phase income stream.

The SMSF annual return is to be kept separate from the transfer balance account report. The TBAR enables the ATO to record and track an individual’s balance for their TBC and superannuation balance.

The ATO does not provide ‘special circumstances’ discretion for contraventions of the TBC which is why SMSF trustees and members self-monitor to ensure that members do not exceed their TBC.

Events to report
Your SMSF must report events affecting a member’s transfer balance including:

Exclusions

Business
advice

taxation
planning

compliance
services

News

Basics of SMSF investing

January 21, 2021

Setting up an SMSF fund is the simplest step. Establishing a fund which delivers you consistent returns from your investments is much more difficult.

Investing successfully involves determining precise goals and picking investments which will effectively achieve those goals. The advantage of SMSFs is that you can build a portfolio which reflects your short-term and long-term goals in response to changing market conditions.

In an SMSF fund, your investment options are:

Before you begin investing, consider what might be the best way to diversify your portfolio. How you portion your investments will depend on your funds, the market, and your goals. Regardless of what your plan is, diversification should be a priority.

Choosing an SMSF as opposed to an industry or retail super fund provides you with more flexibility, but also with more responsibility. Researching before investing is key if you want the best out of your SMSF.