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ATO reminds SMSFs on looming TBAR deadlines
The ATO has reminded SMSFs on the lodgement deadlines for transfer balance account reports for members that have had TBA events.
In an online update, the ATO said SMSFs will need to lodge a transfer balance account report (TBAR) by 28 July this year if a TBA event occurred in a member’s SMSF between 1 April and 30 June 2020 and any members in the fund has a total super balance greater than $1 million.
SMSFs should lodge a TBAR by 30 June 2020 if the member’s SMSF had a TBA event between 1 July 2018 and 30 June 2019 if the member did not need to report it sooner, the ATO said.
“If no transfer balance account event occurred, you have nothing to report and don’t need to lodge a TBAR,” it stated.
“If you have already lodged your annual return for the 2018–19 income year and did not lodge a TBAR, you should lodge the TBAR as soon as possible.”
The ATO also reminded SMSFs that different reporting deadlines will apply if any of the fund’s members has exceeded their transfer balance cap and they’ve been issued with an excess transfer balance determination or a commutation authority.
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