The quarterly transfer balance account report (TBAR) for self-managed super funds (SMSFs) is due on 28 October 2021.
“You are required to lodge your TBAR by this date if a transfer balance account (TBA) event occurred in your member’s SMSF between 1 April and 30 June 2021, and any member of your SMSF has a total super balance greater than $1 million,” the ATO said.
“The easiest way to lodge is online through online services for business. Your tax agent can also lodge online through their online services.”
SMSFs are also not required to lodge if no TBA event occurred during this time frame.
The ATO reminded that SMSFS must use TBAR to report transfer balance cap events to the ATO. The TBAR enables the ATO to record and track an individual’s balance for both their transfer balance cap and total superannuation balance.
“We do not use the information you report to us in the SMSF annual return (or that you share with another fund in a rollover benefit statement) to update your member’s transfer balance account,” the ATO explained.
“As soon as we have received and processed your TBAR reporting for a member, the member and their agent will be able to see this information in ATO online or online services for agents.
“There is no ‘special circumstances’ discretion for contraventions of the transfer balance cap and it is particularly important for all SMSF trustees and members to self-monitor and ensure that members do not exceed their transfer balance cap.”
Recently a technical specialist had also flagged the effects on the frequency of reporting for the TBAR on updating myGov information, with earlier management needed to avoid risks and create better timing for income streams.
As if I dont have enough to do with the additional work (largely unpaid) required due to the idiotic lockdowns destroying client businesses. I dont need reminders from beaurocrtas sitting on their arses collecting their government guaranteed salaries.