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SMSF Changes July 2018 - TBAR Reporting Requirements Pension Accounting

bigdog

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TRANSFER BALANCE ACCOUNT REPORT (TBAR) EFFECTIVE JULY 1 2018

On Friday I was advised of new TBAR reporting requirements for SMSF in pension phase
-- the pollies make things hard!!

There is a 46 slide presentation link below

https://www.ato.gov.au/uploadedFiles/Content/SPR/downloads/webinar_slides_tbar_form.pdf

Transfer balance account report (TBAR)

The TBAR has been developed to capture the information income stream
providers need to provide to the ATO

All superannuation providers paying a superannuation income stream to an
individual will need to complete and lodge this form

There will be three lodgment channels available: Bulk data exchange/transfer
via the business portal (BDE), Onlinelodgment (available from January 2018)
and Paper form

Any provider can use any channel, however BDE is likely to best suit larger
providers.

The TBAR has two purposes:
1. Reporting transfer balance cap events
2. Reporting information for a member’s total super balance.

My accountant's letter provided following summary

upload_2018-6-25_17-12-25.png

My accountant's letter provided following reporting frequency

upload_2018-6-25_17-15-2.png


upload_2018-6-25_17-16-29.png

THE 12 PAGE REPORT TO BE COMPLETED IS AVAILABLE HERE
https://www.ato.gov.au/assets/0/104/2244/2335/655ac858-1a37-40ec-ba55-fe33bd2acecc.pdf

Page 1 begins

upload_2018-6-25_17-20-13.png
 

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Yes, it is pretty onerous reporting, which may well be just to make sure you aren't going over your transfer balance cap.
But as that could be easily captured, and rectified in the end of year reporting, I mentioned it could be used for other purposes.
I got shouted down with conspiracy theory, trash talk, so hey I really don't care.
But it is a heads up,IMO.
Way over the top reporting, for what would be a very small issue, that could be corrected or stopped very easily.
It appears to me to be more of a reporting monitoring function, than a serious flaw in the cap policy, that requires immediate reporting.
But hey, I'm just a pleb, as most keep reminding me. LOL
 

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