ATO confirms next TBAR deadline for quarterly reporters
With the next quarterly deadline date for reporting transfer balance account events falling on a Sunday, the ATO has confirmed that SMSFs will be able to submit their report on the Monday without incurring penalties.
In an online update, the ATO said the next quarterly TBAR due date is 28 July, but as this date falls on a weekend, it will allow SMSFs to lodge any TBARs on Monday 29 July without penalty.
It reminded SMSF professionals and their clients that any member of an SMSF that had a total super balance of $1 million or more on 30 June the year before a member starts their first retirement phase income stream, must report any transfer balance account event quarterly.
“If any member of your SMSF had TBA events during the April–June quarter you need to report these to us as this information isn't captured in the SMSF annual return (SAR). If no TBA event occurred, you have nothing to report,” it explained.
“If no members have a TSB over $1 million, the due date for reporting TBA events for the past financial year is the same as for the SAR. However, we encourage you report earlier where there is a rollover or a member requests a commutation.”