How To Report A Super Transfer Balance Account Report (TBAR)?


Do you know how to lodge a Super Transfer Balance Account Report (TBAR)? There are many methods you can use but choosing the correct one is important to make sure you won’t end up making errors and paying penalties.

You need to use the TBAR to advise the ATO about:

  • When a transfer balance account event occurs
  • You need to alter the information about a transfer balance account event you have previously reported
  • You are responding to a commutation authority notice ATO has issued to the SMSF

ATO can use this information to implement the transfer balance cap provisions and modify your member’s transfer balance account.

Reporting methods and lodgement for TBAR

You can lodge a TBAR by:

  • online form
  • bulk data exchange (BDE)
  • paper report

Correcting a report

You must cancel the original event if you reported something incorrectly. After that, you will need to submit a second report with the proper information.

To cancel the original event:

  • Submit a new form exactly as you reported it before, including the inaccurate information.
  • Use the additional field to indicate the form is being submitted as a cancellation of a previous form.

The ATO will then match your cancellation request to the original lodgement. Do not cancel a cancellation request if you previously cancelled a report and want to reverse the cancellation.

Reporting a reversionary income stream

When a member passes away and their death benefit income stream is a reversionary income stream, you:

  • are exempt from reporting a member’s death for TBAR reasons
  • don’t need to disclose the credit in their transfer balance account as the reversionary beneficiary has begun to receive this income stream

In order to report the reversionary beneficiary’s credit:

  • Complete the member information for the reversionary beneficiary
  • Clearly mention that a reversionary revenue stream is being reported
  • Provide the member’s death date as the start date
  • Reporting the income stream’s value on the member’s passing

The credit will be applied to your member’s transfer balance account 12 months after the original member’s passing. Until then, you will be able to see the value of the credit and when it will be applied in ATO online.

For more details on TBAR, feel free to contact our tax accountants at KPG Taxation.

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