Events based reporting has undergone an impressive transformation. It changed from affecting every SMSF to only affecting funds with a balance of $1m or more. And it changed from a tight schedule of 10 days after month end to a much more lenient deadline of 28 days after quarter end. How did this turn around come about?
The finalisation of real-time reporting for superannuation has left BGL’s managing director Ron Lesh dismayed by the lobbying efforts of some of the major representative bodies for accountants and advisers, which he believes were “nowhere to be found.”
Following the ATO’s final position on event-based reporting, BGL’s managing director says he was “unimpressed” by the lack of lobbying action undertaken by some of the major accounting bodies.
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