Original article by Joanna Mather
The Australian Financial Review – Page: 8 : 17-Oct-17
Accountants involved in providing services to self-managed superannuation funds have called on the federal government to take a more lenient approach to new transfer balance rules. The government has imposed a $A1.6 million cap on tax-free balances, but it is requiring all SMSFs to report on their account activity, regardless of the size of their balance. The average SMSF balance for someone who is 60 and close to retirement is just $A285,000; accountants suggest only those SMSFs with a balance of more than $A1 million should have to report account activity under the new laws.
AUSTRALIAN TAXATION OFFICE, INSTITUTE OF PUBLIC ACCOUNTANTS LIMITED