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  • CRT Alert 067/2018

    15 August 2018

    Additional reporting obligations for Defined Benefit Funds no longer required

    We have recently identified that the new legislated capping rules for concessional contributions can be achieved without additional data from Defined Benefit funds.

    This means that any software builds or readiness to report this amount can be stopped. We will be updating relevant web content and reporting instructions soon.

    We previously advised funds for the 2017-18 financial year, that additional reporting is required on the Transfer Balance Account Report (TBAR) for grandfathered members where their Notional Taxed Contributions (NTC) amount is greater than the concessional cap.

    The additional capping rules under ITAA 291-370 ensures that specific contributions do not result in an excess concessional contribution.

    The original 2017-18 financial year reporting obligation required Defined Benefit funds to provide the uncapped NTC amount for grandfathered members. This was required if the NTC amount exceeded the cap and was capped on the member contribution statement at $25,000.

    This NTC reporting obligation via the TBAR has now been removed, though if still reported to us will not have adverse impact on members.

      Last modified: 15 Aug 2018QC 56526