Superannuation Pension TBAR Reporting

6th July 2018 |

With the introduction of the new Super Reform on 1 July 2017, Superannuation Legislation introduced a new concept of $1.6M Transfer Balance Cap. The ATO now requires a Superannuation Fund with a pension account to comply with their new TBAR Reporting Requirements.

The TBAR reporting frequency is assessed based on the Total Superannuation member balance which is sum of the value of a member’s superannuation interest across all funds (includes accumulation accounts and pension accounts).

TBAR Reporting Obligations:

• Quarterly Reporting Obligation – Due 28 days after the end of the quarter. Applicable where at least one member with a Total Superannuation Balance (TSB) of $1 million or more.

• Annual Reporting Obligation – Due when the annual tax return is due. Applicable where no member has a TSB of $1 million or more.

To make sure that your Self-Managed Superannuation Fund complies with the new TBAR Reporting Requirement, you will need to work closely with your accountant so that TBAR Report can be lodged when it is required.

If you have a pension account as at 30 June 2017, you will need to lodge your first TBAR report by 30 June 2018.