The due date for lodging an SMSF annual return will vary, but may be late in the following financial year where the fund uses a tax agent. From a transfer balance account perspective, all retirement phase events (except the type of events reported directly to the ATO by clients) must be reported via a transfer balance account report (TBAR).

TBAR reporting time frames vary depending on whether the fund is a quarterly or annual reporter.

“Because SMSFs may not provide the ATO with contribution and total superannuation balance information until as late as 15 May following a financial year, this information in ATO online services is much more likely to be out of date where a client is an SMSF member,” he said.

“Transfer balance account information is also more likely to be out of date for SMSF clients, particularly where the fund is an annual reporter and credits and debits for a financial year may not be reported until late in the following financial year.”

“SMSF clients should ensure they consider any unreported contributions, balances and transfer balance account credits and debits when relying on their myGov information. From a transfer balance account perspective, this risk can be minimised by lodging a TBAR as soon as possible after any retirement phase event.”

An SMSF is a quarterly reporter if any member has a total superannuation balance of at least $1 million at 30 June 2017, if the fund is paying a retirement phase income stream prior to 1 July 2018, or 30 June before the financial year in which the fund first starts paying a retirement phase income stream (where this occurs on or after 1 July 2018). 

Once an SMSF is determined to be a quarterly reporter or annual reporter, it remains on that reporting frequency permanently, regardless of any future changes in the total superannuation balances of members. 

Funds will also need to be aware of exceptions to normal timeframes for some retirement phase events, according to Mr Sanderson.

“SMSFs must report the retirement phase events at different times to the general rules when it comes to responding to the commutation authority issued by the ATO and this must be done within 60 days after the date on which the commutation authority issued,” he explained.

“Members commuting an income stream as a result of receiving excess transfer balance determination must be reported within 10 business days after the end of the month in which the commutation occurs.”