Transfer Balance Account Reporting (TBAR)

Administering and ReportingSMSF InsightsUnderstanding SMSFs

Transfer Balance Account Reporting (TBAR)

From 1 July 2017 superannuation fund members are subject to a $1.6 million transfer balance which limits the tax exemption for assets funding superannuation pensions.

The Transfer Balance Cap (TBC) encompasses a significant amount of monitoring for an individual.  This monitoring is to be facilitated by the Australian Taxation Office’s (ATO) event-based reporting framework.

Event-based reporting, is a significant shift in SMSF administration processes. Therefore, it is essential SMSF specialists, administrators, advisors and trustees understand the event-based reporting framework and get it right.

SMSFs that were paying a retirement phase income at 30 June 2017 need to complete and lodge a TBAR on or before 1 July 2018.

Reporting requirements commence for all SMSFs from 1 July 2018 where an event that affects their members’ transfer balances occurs.

What to report

The transfer balance account (TBA) operates on the basis of “credits” counting to increase the cap and “debits” removing value from the cap.

An SMSF is only required to report if one of its members has an event that impacts their TBA.  The frequency of reporting will also be dependent on the total superannuation balance of members. 

Credits and Debits for the cap

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