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.”
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 has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.