You may no longer be in business and thus may think that you do not have to be involved in Single Touch Payroll.
How wrong you are.
You now have to worry about the Transfer Balance Report (TBR).
We prepared the reports for our clients with Self Managed Superannuation Funds (SMSF) for balances at 30 June 2017 that were in pension phase especially those that had reached the $1.6million Transfer Balance Cap (TB Cap).
When pension funds are now altered, a TBR must now be prepared. Public Offer Funds will do this automatically but clients need to be vigilant as this is now being done by computers and being received by the ATO’s computer.
We have already come across one case where the reporting deadline of the Public Offer Fund and the SMSF are different and thus the ATO computer doubled the amount in pension phase which incorrectly showed that the TB Cap was exceeded.
We fixed this for the client when we realised what the problem was.