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Reporting superannuation Transfer Balance Accounts

The recent superannuation reforms introduced the concept of a “transfer balance account”, to record the value of member balances moving into or out of the Retirement Phase. In order to monitor these amounts, the ATO is introducing new reporting requirements and forms.

The newly released Transfer Balance Account Report (TBAR) is now available; the ATO plans to have an online TBAR form available from 1 January 2018. It is the approved form to provide data relating to transactions associated with the payment of retirement phase income streams to the ATO.

Minimising tax consequences

Reporting on events that affect a member’s transfer balance account is vital to minimising the taxation consequences if the transfer balance cap is exceeded. While SMSFs will not be required to report anything until 1 July 2018, they can use the TBAR to report events that affect an individual member’s transfer balance account from 1 October 2017.

SMSFs with relatively straightforward affairs are likely to have only a few events per member to report over the life of the fund, including the commencing values of any retirement phase income streams to which an SMSF member is entitled (e.g. account based pensions, including reversionary income streams), and the value of any commutation of a retirement phase income stream by an SMSF member.

If you have any queries about the introduction of the TBAR or its usage, please call us.

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