The quarterly transfer balance account report (TBAR) for self-managed super funds (SMSFs) is due on 28 July 2021.
In a recent online update, the ATO said that SMSFs are required to lodge their TBAR by this date if a transfer balance account (TBA) event occurred in the member’s SMSF between 1 April and 30 June 2021, and any member of the SMSF has a total super balance greater than $1 million.
“We are encouraging all SMSFs to report any event which occurred before 1 July 2021 to us as soon as possible to ensure that our calculation of your member’s personal transfer balance cap from 1 July 2021 is based on complete information and does not need to be reviewed,” the ATO said.
“To help you, we have extended the circumstances where SMSFs can use the reasonable estimate method to support their TBAR reporting and have updated our web content to help you understand how the timing of your reporting impacts how we calculate your member’s personal transfer balance cap from 1 July 2021.”
The ATO reminded that the easiest way to lodge is online through Online services for business.
“Your tax agent can also lodge online through their Online services,” the ATO said. “You are not required to lodge if no TBA event occurred during this time frame.”
With the impacts of the transfer balance coming into effect, technical specialists had flagged the effects on the frequency of reporting for the TBAR, with earlier management needed to avoid risks and create better timing for income streams.
