The statistics also indicate that around 28 per cent of SMSFs have at least one member age 60 or over and a member with a balance over $800,000. Class noted that it was unclear, however, what proportion of the members aged 60 or older in this category were the same member with a balance above $800,000.

Looking at members with balances above the $1 million mark, approximately 160,000 or approximately 25 per cent of all SMSFs have at least one member with a balance over $1 million, according to Class.

Approximately 20 per cent of all SMSFs have at least one member aged 60 and over as well as a member with a balance over $1 million.

Earlier this week, ATO assistant commissioner Kasey Macfarlane said the ATO is proposing that in scenarios where one SMSF member has a total super balance greater than $1 million but other members have a balance below $1 million, the SMSF will report all events for all members, 28 days after the end of the relevant quarter.

“As soon as you have one member with a total super balance over $1 million, then that means that all transfer balance cap events for all members are reported 28 days after the end of that quarter,” she said.

Ms Macfarlane also stressed that it is not only SMSF members in retirement phase who are tested against the $1 million threshold.

“All members’ total super balances are tested against the $1 million threshold and are relevant to determine the reporting time frames that apply,” she said.