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  • First quarterly TBARs due 28 October for some SMSFs

    You must report transfer balance account events to us, on the transfer balance account report (TBAR), by 28 October 2018 if:

    • your self-managed super fund (SMSF) has any member with a total super balance (TSB) greater than $1 million and
    • any member had a transfer balance account event occur between 1 July 2017 and 30 September 2018.

    If you are in this situation and don't lodge the TBAR by 28 October 2018, your member’s transfer balance account will be adversely affected, your member may be penalised and there may be reverse workflow for you to take care of.

    Note: If no transfer balance account event occurred, you have nothing to report and different reporting timeframes will apply if your member has exceeded their transfer balance cap.

    Even if you don't yet need to report by 28 October 2018, we still encourage you to be aware of your event-based reporting (EBR) obligations, including what you need to report, when and how. Read the summary below and refer to the detailed information and tips on our website.

    What is event-based reporting (EBR)?

    The EBR framework for SMSFs started on 1 July 2018, enabling us to administer the transfer balance cap. You generally need to start reporting to us, under the EBR framework, when your first member commences a retirement phase income stream.

    When do you generally need to report?

    Generally, due dates are determined by the total super balances (TSB) of your members:

    • If any of your members has a TSB greater than $1 million, you will need to report transfer balance account events, for any member, 28 days after the end of the quarter in which the event occurred.
    • If all members of your SMSF have a TSB of less than $1 million, you can report transfer balance account events, which occur during a financial year, at the same time as when your SMSF annual return is due for that year.

    When you need to report earlier

    You are required to report earlier if one of your members has exceeded their transfer balance cap.

    Also, any SMSF can choose to report events as they occur and, in some instances, we encourage you to do so to ensure you avoid potential negative consequences. For example, we recommend you lodge a TBAR earlier than the required due dates if you have a member who rolls over their benefit to an APRA-regulated fund to start a new retirement phase income stream there. In this situation you should report the commutation as it occurs, or no later than at the time of the rollover to avoid double-counting of the member‘s income streams.

    We have no discretion to disregard a member’s excess or adjust the information reported to us by a member’s super provider.

    What is a TBAR?

    The transfer balance account report (TBAR) is used to report certain events and is separate from the SMSF annual return (SAR). The TBAR enables us to record and track an individual's balance for both their transfer balance cap and total superannuation balance.

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      Last modified: 12 Oct 2018QC 56996