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  • When to lodge

    Different timeframes apply to lodging a transfer balance account report depending on whether you're reporting a transfer balance account event or whether you're responding to a commutation authority.

    When to report a transfer balance account event

    If you are an SMSF and a member had an income stream just before 1 July 2017, you needed to report this income stream to us on or before 1 July 2018.

    From 1 July 2018 SMSFs started reporting to us quarterly or annually under the event-based reporting framework where the timeframes for reporting are determined by the total superannuation balances of your members:

    • if you are reporting annually, you must report all transfer balance account events that occur within a financial year at the same time as your SMSF annual return (SAR) is due for that financial year
    • if you are reporting quarterly, you must report all transfer balance account events that occur within a quarter 28 days after the end of the quarter in which the events occur
    • if a member has exceeded their transfer balance cap, you must report a voluntary member commutation of an income stream in response to an excess transfer balance determination within 10 business days after the end of the month in which the commutation occurs.

    You can choose to report events as they occur and in some instances are encouraged to do so to avoid incorrect excess transfer balance determinations issuing.

    When to report in response to a commutation authority

    If you are responding 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.

    If you do not comply with the commutation authority by the due date, (that is, within 60 days of the issue date on the commutation authority) or tell us why you have not done so (using a TBAR), your member's income stream will stop being in the retirement phase. This will affect their entitlement to exempt current pension income. You may also be liable for penalties or subject to compliance action.

    There is an administrative penalty if you don't notify your member of your response to the commutation authority within 60 days of the issue of the commutation authority.

    Failure to lodge

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

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

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    Last modified: 19 Aug 2019QC 53363