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  • Transfer balance account report now available

    The new Transfer balance account report (TBAR) and TBAR instructions are now available on We plan to have an online TBAR form available from 1 January 2018.

    SMSFs can use the TBAR to report events that affect an individual member’s transfer balance account. While SMSFs will not be required to report anything until 1 July 2018, the option will be available from 1 October 2017.

    Reporting on events that affect a member’s transfer balance account is vital to minimising the taxation consequences if the transfer balance cap is exceeded.

    SMSFs with relatively straightforward affairs are likely to have only a few events per member to report over the life of the fund. The most common events that require reporting are:

    • the values of any retirement phase income streams to which an SMSF member is entitled, including reversionary income streams
    • the value of any commutation of a retirement phase income stream by an SMSF member
    • structured settlement payments an SMSF member receives and contributes to their fund
    • certain limited recourse borrowing repayments that give rise to a transfer balance credit as a result of recently enacted legislation.

    Note: The consultation period regarding reporting frequency closed on 15 September 2017. We will provide an update on this in the next edition of SMSF News.

      Last modified: 27 Sep 2017QC 53402