Check fund balances as TBAR deadline looms
The Australian Taxation Office has reminded tax agents, trustees and administrators to check the balances of SMSFs as the deadline to lodge a transfer balance account report becomes nearer.
If an event occurred in a self-managed super fund (SMSF) member’s transfer balance account between 1 January and 31 March 2020, you need to lodge a transfer balance account report (TBAR) by 28 April, the ATO said in a notice.
If no transfer balance account event occurred, the ATO said there’s nothing to report and a TBAR does not need to be lodged.
A TBAR is required if:
- Any transfer balance account event occurred for members in your SMSF.
- The SMSF has any member with a total super balance greater than $1 million.
“If an event occurred in your members’ transfer balance account and all your members have a total super balance less than $1 million, you can report the event by lodging a TBAR when your SMSF annual return for the year is due,” the ATO said.
“If any of your members has exceeded their transfer balance cap and we’ve sent them an excess transfer balance determination, or a commutation authority, different reporting deadlines will apply.
“If you have to lodge a TBAR, an online form is the quickest and easiest way to complete the report.”
Adrian Flores is the deputy editor of SMSF Adviser. Before that, he was the features editor for ifa (Independent Financial Adviser), InvestorDaily, Risk Adviser, Fintech Business and Adviser Innovation.