ATO confirms online TSB updates
The ATO has confirmed that a number of updates will take place around the display of total super balances for members through its online service portal.
A recent website update states that the ATO had identified issues affecting the TSB display in its online services.
The issue relates to a range of updates that were released last month to ATO online to allow individuals and their accountants to view their unused carry-forward contribution details.
An ATO spokesperson confirmed that the issue had been identified with members’ TSB as at 30 June 2019 and that incorrect data had been added to some individuals’ balances.
The update notes that a system fix is scheduled for deployment on 12 October, meaning TSBs for the 2018–19 financial year should display correctly for the majority of members from 16 October.
TSBs for LRBA holders separately affected
Additionally, a second update states that for members who have LRBAs affected by the changes passed through Parliament last month, their TSB on ATO online may also be inaccurate.
The ATO is updating its systems and advised that those impacted will have their TSB updated at the earliest by March 2020.
“If you’re affected, you’ll need to recalculate your own TSB by adding your share of the outstanding LRBA amount to the TSB amount displayed on ATO online,” the update states.
An ATO spokesperson said that given the new legislation is retrospective and impacted individuals’ TSB at 30 June 2019, they wanted to immediately alert those impacted by the legislative change.