SMSFs reminded to lodge quarterly TBAR
The ATO has reminded SMSF trustees their quarterly transfer balance account report (TBAR) is due on 28 July 2023.
SMSFs are required to lodge their TBAR by this date if events that count towards members’ transfer balance cap occurred in their SMSF between 1 April and 30 June 2023, and any member of your SMSF has a total super balance greater than $1 million.
Trustees are not required to lodge a TBAR if no events that count towards members’ transfer balance caps occurred during this time frame.
The regulator has also reminded SMSFs that from 1 July 2023, they will no longer be able to lodge annually and all SMSFs with members in retirement phase will be required to report events that count towards members’ transfer balance caps by lodging a TBAR quarterly.
If funds are currently reporting annually, they will need to report all events that count towards their members’ transfer balance caps and which occurred in the 2023 income year by 28 October 2023.
The easiest way to lodge is through online services for business. A registered tax agent can also lodge through their online services.
