“You are required to lodge your TBAR by this date if a transfer balance event occurred in your member’s SMSF between 1 October and 31 December 2021 and any member of your SMSF has a total super balance greater than $1 million,” the ATO clarified.

You’re not required to lodge if no TBA event occurred during this time frame.

The ATO recently flagged that it is undertaking consultation on moving to a single transfer balance cap events-based reporting framework for all SMSFs.

There are currently two different time frames for transfer balance cap events-based reporting, depending on total super balances.

Time frames for reporting are currently determined by the total superannuation balances of an SMSF’s members unless the member has exceeded their personal transfer balance cap and has been sent an excess transfer balance determination, or their fund has been sent to a commutation authority. 

All SMSF industry stakeholders are welcome to provide feedback on the consultation. The consultation is expected to be completed by December 2021.

The event-based reporting (EBR) framework for SMSFs commenced on 1 July 2018. It enables the ATO to administer the transfer balance cap. SMSFs generally need to start reporting to the ATO, under the EBR framework, when the first member commences a retirement phase income stream.