If you have a self-managed super fund (SMSF) and your current accounting firm isn't providing the value you deserve, it's time to take notice. With new changes to SMSFs taking effect from 1 July 2023, it's crucial to have an SMSF administration service that can adapt and ensure compliance. In this article, we'll dive into two important changes and explain how BlueRock's SMSF service can help you stay on top of your SMSF obligations while providing additional benefits.
SMSF Rule Change #1 - Moving to Quarterly Transfer Balance Reporting
Starting from 1 July 2023, SMSFs must report certain events that impact members' transfer balance accounts on a quarterly basis. Previously for some SMSFs, these events were reported annually, but the ATO’s required shift to quarterly reporting means your SMSF must be kept up to date so that reporting to the ATO is done on time.
BlueRock SMSF clients receive daily updates to their SMSF, giving them timely and accurate information for informed decision-making as and when they need it. The SMSF Administration team will lodge a transfer balance account report (TBAR) within 28 days after each quarter, ensuring compliance and providing you with peace of mind.
SMSF Rule Change #2 - Rollover Relief Ending 30 June 2023
Since 1 October 2021, SMSFs have been required to make rollovers electronically, necessitating an electronic service address (ESA) from an SMSF messaging provider. However, some SMSFs faced challenges in obtaining an ESA, leading to temporary relief provided by the ATO for processing rollovers on paper forms. But come 30 June, rollover relief is ending , and non-compliance can result in ATO penalties.
How BlueRock's SMSF Administration Service Can Help
With our SMSF Administration service , you can avoid the ESA-related issues and potential penalties. BlueRock provides an ESA and ensures seamless electronic rollovers. Additionally, BlueRock utilises Class Super, a cloud-based SMSF specialist software, to administer your SMSF efficiently.
The Benefits of BlueRock's SMSF Administration Service:
- Class Super: BlueRock leverages Class Super, a cloud-based SMSF specialist software, to administer your SMSF efficiently.
- Up-to-Date Reporting: With BlueRock's SMSF service, your SMSF is updated daily through feeds, providing you with real-time information on investments and member balances. This ensures you have the most accurate and current data at your fingertips, empowering you to make proactive decisions regarding your SMSF strategy.
- Dedicated SMSF Accountant: BlueRock assigns a dedicated SMSF accountant to handle your compliance and assist with any SMSF-related queries. Having a knowledgeable professional by your side ensures that you receive personalised support when you need it.
- Timely Lodgment: By updating your SMSF in real-time, BlueRock ensures that all compliance obligations are met on time. This avoids the risk of losing compliance registration, which could hinder your SMSF from receiving contributions via SuperStream.
Resolve Your SMSF Worries with SMSF Administration by BlueRock
With the changes to SMSF reporting and rollover requirements, it's crucial to have an SMSF administration service that keeps up with the latest regulations and provides you with valuable benefits. Good SMSF administration offers timely reporting, dedicated SMSF accountants, access to cloud-based software and peace of mind regarding compliance. Don't settle for an outdated SMSF administration service. Switch to BlueRock and ensure your SMSF is in good hands.
George Karavias | Director - Private Clients & SMSF
03 8658 2068
+61403206413
george.karavias@thebluerock.com.au
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Disclaimer: Please note that the information provided in this article is for informational purposes only and should not be considered as financial or legal advice. It's always recommended to consult with a qualified professional for specific SMSF-related matters.
