Transfer Balance Caps and Reporting Obligations

transfer balance cap image (002)Self-Managed Super Funds (SMSF’s) have new reporting obligations. This is due to the new Transfer Balance Cap measures and event based reporting framework.

The Transfer Balance Cap Report (TBAR) that is used to report is separate from the SMSF Annual Return (SAR).

The TBAR enables the ATO to record and track an individual’s balance for both their transfer balance cap and total their superannuation balance.

Reporting will commence from 1 July, 2018.

Our software provider, “Class Super” will be able to generate a report on a quarterly basis for on forwarding to the ATO.

Please note all SMSF’s where a member has an amount of $1 Million or more must report events affecting member balances within 28 days after the end of the quarter.

The first TBAR Report needs to be lodged on or before 28 October, 2018.

An SMSF is required to report earlier if a member has exceeded their transfer balance cap.

This area will require close analysis by our firm so we can ensure that all clients meet their compliance obligations.

We will report to the Trustee of each SMSF subject to the new rules on a quarterly basis.

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