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.

From 1 July 2023, the SMSFs will be required to report the events impacting Members’ transfer balances quarterly, 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.

ATO Guidance

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.

Transfer Balance Account Report (TBAR)

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.

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