Superannuation Transfer Balance Account Report (TBAR) is a new regime where SMSFs will be required to report those events which impact on a Member’s transfer balance account on a real-time basis. There has been a lot of controversy over TBAR. The Tax Office has now issued verdict on SMSF events-based reporting.
The Tax Office’s implementation of SMSF event-based reporting from 1 July 2018 will be limited to those SMSFs with Members whose total superannuation account balances is $1 million or more. The SMSFs will be required to report events impacting Members’ transfer balances within 28 days after the end of the quarter in which the event occurs.
There are certain events which must be reported to the Tax Office under TBAR. Please find the following Tax Office guidance explaining the process.
Trustees can download the TBAR report here to report the events directly to the Tax Office. Alternatively, we charge $350 for preparing and lodging a TBAR report. Please note separate TBAR reports are required for each Member. A maximum of four events for a Member can be reported in one TBAR report.
It is important for Trustees to lodge the TBAR report on time. Otherwise, your Member’s transfer balance account and total super balance may be adversely affected and the Trustee may also be subject to compliance action and penalties.
For more information on Pension, please visit our Pension page here.
Superannuation Warehouse is based in Melbourne and have clients throughout Australia. We deliver our SMSF administration services in an efficient and paperless way. This efficient service means a competitive fee to you. Our low ongoing fees will enable you to take control of your Super.
Superannuation Warehouse is an accounting firm and do not provide financial advice. All information provided has been prepared without taking into account any of the Trustees’ objectives, financial situation or needs. Because of that, Trustees are advised to consider their own circumstances before engaging our services.
© 2010 - 2022 Superannuation Warehouse : All Rights Reserved
Design By Webplanners