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  • Who should lodge a transfer balance account report

    If you are a super provider, including a self-managed super fund (SMSF) or life insurance company, complete this report when:

    • a transfer balance account event has occurred
    • further information is required to calculate a member's total super balance
    • you received a structured settlement after 1 July 2017, regardless of whether your member has a transfer balance account
    • you need to correct information that you have previously been reported to us.

    Note: As an SMSF trustee you only need to report information about your member's interest in the SMSF.

    Events you must report

    Super providers are required to report the following:

    Transfer balance account events:

    • super income streams in existence just before 1 July 2017 that    
      • continued to be paid on or after 1 July 2017, and
      • 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
        • 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), and
        • the payments result in an increased in the value of the member's superannuation interest supporting their retirement phase income stream, and
        • the member's interest in an SMSF or other complying superannuation fund with less than 5 members
         
      • 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
      • compliance with a commutation authority issued by the Commissioner to the fund, including commutations made in response to the commutation authority we have issued to the fund
      • personal injury (structured settlement) contributions that occurred post 1 July 2017
      • super income streams that stop being in the retirement phase.
       

    Total super balance

    30 June accumulation phase value (APV)

    SMSFs may need to report an accumulation phase value on this form for the 2017 income year. From 30 June 2018 you will report this information to us on your SMSF annual return if you need to do so.

    To ensure we correctly calculate a member's total super balance SMSFs must provide this information when, at 30 June 2017:

    • the member has accumulation and retirement phase interests in the SMSF, and the member has a capped defined benefit income stream or a flex-pension in their SMSF
    • the member only has retirement phase income streams in their SMSF and they include a flexi-pension or capped defined benefit income stream
    • the member only has accumulation phase interests and the difference between the accumulation phase value and the closing account balance is not limited to the value of exit fees, administration fees and realisation costs.
    30 June 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

    It is no longer required to report this information to us. However if you do so, there will be no adverse impact for your members.

    Corrections

    If you have made an error in your reporting you will need to cancel the original event prior to lodging a new event.

    Find out about:

    No report needed

    You don't need to report the following events on a TBAR:

    • pension payments
    • investment earnings/losses
    • when an income stream is closed because the interest has been exhausted
    • concessional contributions
    • the death of a member.

    Timeframe for lodging

    If the reporting event is in response to a commutation authority we issued, you must lodge the report within 60 days of the date of issue on your commutation authority. Refer to your commutation authority for the lodgment due date.

    Generally, in all other circumstances different timeframes for lodging the report apply to different providers.

    See also:

    Failure to lodge

    If you do not lodge the report by the required date:

    • your member’s transfer balance account and total super balance may be adversely affected
    • you may be subject to compliance action and penalties.

    See also:

    Tips and tricks for lodging your transfer balance account report

    Checking this information will help avoid delays in processing your transfer balance account report.

    Check:

    • the member TFN matches the member you are reporting for
    • you have provided the member's date of birth
    • the TFN/ABN for the SMSF (supplier) is correct
    • the TFN/ABN for the entity lodging the report is correct
    • you have chosen the correct event type, in particular
      • 'member commutation' is for any commutation requested by the member, including commutations requested by the member after we have issued them with an excess transfer balance determination. These are reported at item 14 if you are lodging a paper form
      • you report a response to a commutation authority only after we have issued the SMSF with a commutation authority
       
    • you have included all the relevant information for each and every event you are reporting, such as the date and value of the event
      • if you are reporting multiple events for a member on a paper form , check you have provided all the details for the first event at 'event one', all the details of the second event at 'event two' and so on
      • if you are reporting you have responded to a commutation authority by commuting in full, you must ensure the SMSF has commuted the full amount in the commutation authority we sent them, including cents.
       
    Last modified: 26 Sep 2018QC 53363