Superannuation transfer balance reporting to the ATO is used to provide information related to the Transfer Balance Cap, introduced from 1 July 2017.
A fillable PDF report has been released by the Tax Office, which can be used from 1 October 2017, or the Business or Tax Agent portals. ATO on-line reporting is scheduled to be available from January 2018.
TBAR reportable events from 1 July 2017
- super income streams in existence just before 1 July 2017 (first-time transition period)
- superannuation income streams that have commenced in retirement phase
- limited recourse borrowing arrangement payments (LRBA)
- member commutations
- compliance with a commutation authority issued by the Commissioner
- personal injury (structured settlement) contributions
- super income streams that stop being in retirement phase
- any other relevant transactions that result in a credit or debit in an individual’s transfer balance account as outlined in the approved form
When to lodge a TBAR
The basic trigger for the report is event-based. In other words a report is required when a reportable event occurs. Each event for each member must be reported separately using the paper form. Multiple events can be reported via the portals.
The rules apply differently to APRA funds and SMSFs, and there are transition arrangements in the first year.
First year reporting
APRA funds must lodge their first report by 14 December 2017
SMSFs must commence reporting from 1 July 2018, (they may commence earlier) except in the case of events associated with
- an Excess Transfer Balance Determination (report required 10 business days from month end); or
- Commutation Authority issued by the ATO (report required within 60 days)
Following industry consultation, the ATO has decided that event-based reporting from 1 July 2018 will be limited to those SMSFs with members with total superannuation account balances of $1 million or more. Those SMSFs can choose to report events which impact their members’ transfer balances at the same time as it lodges its SMSF annual return.
The general on-going reporting time frames are as follows:
- 10 business days from month end: most reportable events (as above)
- within 60 days: events associated with a commutation authority issued by the ATO. A commutation authority is issued by the ATO to a super fund if an excess transfer balance determination has been issued.
Earlier reporting encouraged
The Tax Office has advised that some events should be reported as soon as possible, rather than wait for the lodgement deadline. Transfers into a APRA fund and the rectification of an excess under the 2017 transition provisions are examples which could lead to incorrect or unnecessary processes if not reported promptly. See comments reported here.
- Superannuation Transfer balance account report
- Regulation F2017L01273 Reporting of event based transfer balance account information in accordance with the Taxation Administration Act 1953
- SMSFs in the post Superannuation reform environment
This page was last modified 2017-11-24