Transfer Balance Account Reporting (TBAR) is a new event based reporting requirement to report superannuation members balance of their $1.6m transfer balance cap.
From 1 July 2017 all trustees of superannuation funds including SMSF’s are required to report certain transactions and balances of members in retirement phase.
SMSF trustees will either be required to report the transactions and movements annually or quarterly depending on the members balances within the fund. Similar to Single Touch Payroll the ATO is requesting information be reported through TBAR on an ongoing basis throughout the year rather than once a year and retrospectively. For this reason it is important that SMSF trustees have up to date superannuation records and report retirement transactions correctly as delays in reporting or incorrect reporting can result in penalties and fines being levied or additional tax having to be paid.
Our SMSF accountants use the latest SMSF software and provide proactive advice to ensure your TBAR lodgements are correct and on time.