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  • Who should lodge a transfer balance account report

    If you are a self-managed super fund (SMSF), complete this report when:

    • a transfer balance account event has occurred
    • you need to correct information about a transfer balance account event that you have previously reported to us
    • you are responding to a commutation authority.

    Note: As an SMSF trustee you can only report information about your member's interest in the SMSF, not any interests they have in other super funds.

    See also:

    If you are a superannuation provider (excluding SMSFs) or a life insurance company, complete this report when:

    • a transfer balance account event occurred prior to 1 July 2018
    • you are responding to a commutation authority.

    Note: From 1 July 2018 the approved form for superannuation providers (excluding SMSFs) and life insurance companies to report retirement phase events is the Member Account Transaction Service (MATS). Attempts to submit a MATS message with an effective date prior to 1 July 2018 will not be accepted therefore you will also need to use this form to correct information that you have previously reported to us, if the event being cancelled occurred prior to 1 July 2018.

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    Transfer balance account events

    The following events result in a credit or debit in a member's transfer balance account and need to be reported to us:

    • super income streams in existence just before 1 July 2017, that both  
      • continued to be paid on or after 1 July 2017
      • were in retirement phase on or after 1 July 2017
       
    • any of the following events that occur on or after 1 July 2017                   
      • super income streams that have started in retirement phase, including reversionary income streams
      • limited recourse borrowing arrangement (LRBA) payments when all   
        • the LRBA was entered into on or after 1 July 2017 (or an LRBA entered into before 1 July 2017 was refinanced on or after 1 July 2017)
        • the payments result in an increase in the value of the member's superannuation interest supporting their retirement phase income stream
        • the member's interest in an SMSF or other complying superannuation fund with less than five members
         
      • voluntary member commutations, including commutations that occur before an income stream is 'rolled over' to another fund and commutations requested by a member because we have issued them with an excess transfer balance determination. Commutations made in response to a commutation authority are discussed in the following section.
      • personal injury (structured settlement) contributions that occurred post 1 July 2017
      • super income streams that stop being in the retirement phase.
       

    See also:

    Responding to a commutation authority

    If we issue a commutation authority you must respond so that we can determine whether you have complied with your obligations. When you respond you must tell us whether:

    • you have complied with a commutation authority, including when you have  
      • complied with the commutation authority in full by commuting the full amount required, including cents, from the income stream stated in the notice
      • complied with the commutation authority in part by commuting the maximum available release amount where this amount is less than the full amount required from the income stream stated in the notice
       
    • the maximum available release amount is nil because a commutation authority was issued to an account based pension with statutory commutation restrictions (for example, a market linked pension).
    • the income stream account stated in the notice was closed before we issued a commutation authority
    • you have chosen not to comply with a commutation authority because  
      • the member is deceased
      • it was issued in relation to a capped defined benefit income stream.
       

    Note: You must also notify the member in writing (within 60 days of the issue date of the commutation authority) when you comply with a commutation authority.

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    Corrections

    If you have made an error in your reporting you will need to cancel the original event. To cancel the original event you will need to lodge a new form exactly how you originally reported it (including the incorrectly reported information), but you will also use an additional field to indicate the form is being lodged as a cancellation of a previous form. This enables us to match your cancellation request to the original lodgment.

    If you want to amend information reported previously you will need to send us two reports. The first report must be lodged to cancel the previous form and a new report must be lodged to provide the correct information.

    If you previously cancelled a report and want to undo the effect of the cancellation, do not try to cancel the cancellation request. In this case send us a new report to provide the original information.

    Note: If you need to re-report you must ensure that you lodge the cancellation first before sending the correction to avoid duplication.

    No report needed

    Transactions that do not need to be reported include:

    • pension payments
    • investment earnings and losses
    • when an income stream ceases because the interest has been exhausted, for example through pension payments, administration expenses, losses, rather than ending by being commuted
    • superannuation contributions except for personal injury (structured settlement) contributions that occurred on or after 1 July 2017
    • the death of a member or any transactions that occur with an effective date on or after the member's date of death
    • transactions that members report to us directly using a Transfer balance event notification form (NAT 74919). Typically, this is when the following events occur    
      • family law payment split where the interest is retained by the member, but the payments are split to a non-member spouse
      • debit event from fraud, dishonesty, or bankruptcy
      • personal injury (structured settlement) contributions made before 1 July 2007.
       

    Accumulation phase value

    SMSFs may have been required to report an accumulation phase value (APV) on this form for the 2017 income year. APV reporting required for 30 June 2017 was due by 8 September 2018. From 30 June 2018 you will report this information to us on your SMSF annual return if you need to do so.

    • You could have chosen to report an APV on this form for the 2017 income year if the SMSF member had 100% of the interest in accumulation phase as at 30 June 2017 and the difference between the closing account balance is not limited to the value of exit fees, administration fees and realisation costs.
    • You should have reported an APV on this form for the 2017 income year if the SMSF member:  
      • had interests in accumulation phase and retirement phase at 30 June 2017 and the member had a capped defined benefit income stream or flexi-pension in their SMSF or where the difference between the APV and the closing balance was not limited to the value of exit fees, administration fees and realisation costs
      • had 100% of their interests in retirement phase and the member had a capped defined benefit income stream or flexi pension in the SMSF, in which case you should have reported an APV value of nil.
       

    Retirement phase value

    SMSFs don't need to provide this information on this form. From 30 June 2018 you will provide this information to us on your SMSF annual return if you need to do so.

    Uncapped notional taxed contributions amount

    SMSFs are not required to report the uncapped notional taxed contributions amount to us. However, if you do so, there will be no adverse impact for your members

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    Last modified: 19 Aug 2019QC 53363