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  • Correcting reporting errors

    We recognise that some information reported to us may be incorrect. The table below outlines some errors and the action necessary to rectify them.

    Correcting reporting errors

    Situation

    Action required

    The information reported to us by your super fund is incorrect.

    Your super fund will need to lodge Transfer balance account reports (TBARs) cancelling the incorrect information and provide us with the correct information as soon as possible.

    You may need to request an extension of time prior to the due date to allow for the new information to be processed.

    We'll issue a revoked or amended determination once we've received and processed the new information.

    The information reported to us by your super fund is incomplete. For example:

    • you were in excess at 1 July 2017 and your SMSF has not reported any subsequent commutations that reduced or rectified the excess during the determination period
    • you were in excess at 1 July 2017 and started an additional retirement-phase income stream, which increased the amount you are in excess by during the determination period
    • you have rolled over your super interest from a SMSF to an APRA fund, but your SMSF hasn't reported the initial pension or the debit when the pension was commuted before it was rolled over.

     

    Your super fund will need to lodge TBARs providing the correct information for all events that occurred between the day that you went into excess and the day we made the determination.

    You may need to request an extension of time prior to the due date to allow for the new information to be processed.

    We'll issue a revoked or amended determination once we've received and processed the new information.

    We haven't taken your structured settlement contribution into consideration.

    If the structured settlement contribution was made to your super fund before 1 July 2007, you will need to advise us of this using a Transfer balance event notification form.

    If the structured settlement contribution was made between 1 July 2007 and 30 June 2017, your super fund should already have reported this to us on their member contribution statement. Your super fund will need to check that they reported the contribution to us as a structured settlement contribution and they may need to contact us to check their reporting.

    If the structured settlement contribution was made to the super fund on or after 1 July 2017, the super fund will need to report this to us on a TBAR.

    You may need to request an extension of time prior to the due date to allow for the new information to be processed.

    We'll issue a revoked or amended determination once we've received and processed the new information.

    See also:

      Last modified: 26 Mar 2019QC 54355