Powered by MOMENTUM MEDIA
SMSF adviser logo
subscribe to our newsletter

ATO issues reminder on upcoming TBAR changes

By Legal
15 November 2022 — 1 minute read

With TBAR lodgements set to change to a quarterly framework on 1 July, the ATO is encouraging SMSFs to start transitioning to the new time frames now.

The ATO announced in late June that from 1 July 2023, transfer balance account reporting (TBAR) for SMSFs will be streamlined, with all SMSFs being required to report an event 28 days after the end of the quarter in which an event occurred.

To continue reading the rest of this article, create a free account
Already have an account? Sign in

In an online update, the ATO stated that currently some SMSFs are able to lodge their TBAR with the SMSF annual return when all members have a total superannuation balance of less than $1 million.

Advertisement
Advertisement

“From 1 July 2023, all SMSFs with members in retirement phase must report transfer balance account events by lodging a TBAR quarterly,” said the Tax Office.

“This change has been made to remove complexity for SMSFs around when they need to lodge. It will also provide members with more timely and accurate information which will allow them to better manage their transfer balance cap and avoid excess transfer balance tax.”

The ATO reminded SMSFs who are currently annual reporters that they will need to report all transfer balance account events that occurred in the 2023 income year by 28 October 2023.

“You can start transitioning over to lodging quarterly now, which will save you time at the end of the income year,” the ATO stated.

The ATO said SMSFs should also familiarise themselves with the reporting obligations for different transfer balance events that can occur.

 

 

ATO issues reminder on upcoming TBAR changes
smsf logo
smsfadviser logo
You need to be a member to post comments. Register for free today
VIEW ALL

SUBSCRIBE TO THE
SMSF ADVISER BULLETIN

Get the latest news and opinions delivered to your inbox each morning

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.