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SMSF Changes July 2018 - TBAR Reporting Requirements Pension Accounting

Discussion in 'Medium/Long Term Investing' started by bigdog, Jun 25, 2018.

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  1. Jun 25, 2018 #1
    bigdog

    bigdog Retired

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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
     

    Attached Files:

    Last edited: Jun 25, 2018
    sptrawler and HelloU like this.
  2. Jun 25, 2018 #2
    sptrawler

    sptrawler

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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
     
    willy1111 and HelloU like this.
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