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SMSF News & Alerts: September 2021

Changes to Actuarial Certificate Requirement

Laws have recently changed which means superannuation trustees no longer need to obtain an actuarial certificate when calculating exempt current pension income. Here’s an article with more detail on the changes to actuarial certificate requirements.

SuperStream is Mandated for Rollovers as of October 1 2021

As of 1 October 2021, SMSF trustees and their professionals must use SuperStream Rollovers v3 for any rollover (excluding in-specie) into or out of their SMSF. For more from the ATO on this update see this article.

Quarterly Transfer Balance Account Report (TBAR) is due October 28

If you have quarterly lodgment obligations, your TBAR will be due 28 October. A reminder, you will be required to lodge a TBAR by October 28 if:

  • A transfer balance account (TBA) event occurred in your member’s SMSF between 1 July and 30 September 2021, and
  • Any member of your SMSF has a total super balance greater than $1 million.

Here’s an article related to this TBAR from the ATO.

If you require any assistance with SMSF accounting matters, contact Intello’s independent SMSF experts.

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