Login
ATO issues reminder on upcoming TBAR deadlines
The ATO has reminded SMSFs that there are two upcoming deadlines for transfer balance account reporting over the next month.
In an online update, the ATO said that the next transfer balance account report (TBAR) deadline for SMSFs that report quarterly will be 29 April 2019.
The ATO explained that SMSFs will need to lodge a quarterly TBAR if their fund 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 January and 31 March 2019.
Annual TBARs, it said, are due at the same time as the SMSF annual return, which may be 15 May.
“You must lodge a TBAR for the 2018–19 financial year if all members of your SMSF have a TSB less than $1 million and any member had a transfer balance account event occur in the 2018–19 financial year,” the ATO said.
“You do not need to lodge a TBAR to report an accumulation phase value or a retirement phase value. If you need to report this information to us, you should include this information on your annual return. This information does not affect your member’s transfer balance account.”
The ATO also reminded SMSFs that if no transfer balance account event occurred, then there is nothing to report.
“Different reporting time frames will apply if your member has exceeded their transfer balance cap,” it said.
The ATO added that tax agents now have access to online TBAR lodgement.
“Online lodgement offers a number of advantages including prefilling of details and inbuilt verification rules to reduce reporting errors and reverse workflow,” it said.
It also said that it would continue to take an educative and supportive approach where routine quarterly or annual TBARs are lodged late.
“If you’re in this situation and can’t lodge by the due date, but are working towards lodging as soon as possible, you don’t have to seek a formal extension of time,” the ATO said.
“Be aware that late lodgement may affect your member’s transfer balance account and cause reverse workflow.”
Miranda Brownlee
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.
the TBAR reporting requirements seem confusing and complicate.0- Totally agree. What do I get for helping fund ASIC to the tune of $2500 p.a.? Every SMSF is paying a SIS levy of $259. More and more red tape and hoops to jump through. Anxiety over getting over complicated things wrong and we're told we are rorting when we spend the hours and hours on useless compliance that is required and then have the temerity to want to get paid for our time!0
- I hope the government of the day realises that it is this type of EXTRA reporting which adds NO value to the Superannuation Funds and directly contributes to increased accounting fees and Superfund costs. More and more the Australian Public/Taxpayers are paying for the monitoring and tracking refinements the government are making. The government can reduce costs with data-mining programs, more closely monitor the money flows of all taxpayers, make compliance for all practitioners more difficult and annoy the public at large with higher fees, more forms to sign and all at the taxpayer's cost (and maybe they won't even get a tax deduction). Shouldn't it be the government bearing the costs for changing their systems? Like ASIC's surging fees, what we are seeing is the government successively outsourcing their COSTS onto the public. They may grandstand and say they have NOT raised taxes, but they are quietly getting Australian Businesses & SMSFs to pay more and more for the Governments OWN operating costs! These are your cruddy requirements you should be paying for them!0
Subscribe to the
BULLETIN
Get the latest news and opinions delivered to your inbox each morning
Subscribe
