Transfer Balance Account Report (TBAR)

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 Overview


Simple Fund 360 fully supports the TBAR reporting requirements to the ATO at both a fund and global level.

There are two options for reporting events to the ATO in Simple Fund 360:

  1. Fund level: Use the Transfer Balance Dashboard to create a Transfer Balance Account Report. This report is per member and provides you with the ability to report up to 4 events for that member of the fund.  

  2. Global level: Use the TBAR Management screen which is a global reporting option allowing you to include multiple events across multiple funds in a single lodgement file which is to be uploaded via the ATO Portal. 

What frequency do SMSFs need to report to the ATO? 


Whilst it is not compulsory for SMSFs to report most transfer balance cap events through the TBAR before 1 July 2018, more frequent reporting from other providers (for example, Australian Prudential Regulation Authority (APRA) super funds) may impact the member. 

From 1 July 2018, all SMSFs must report events that affect their members' transfer balances. Timeframes for reporting are determined by the total superannuation balances of the SMSF's members:

  • Where all members of the SMSF have a total superannuation balance of less than $1 million, the SMSF can report this information at the same time as when its annual return is due, or
  • SMSFs that have any members with a total superannuation balance of $1 million or more must report events affecting members’ transfer balances within 28 days after the end of the quarter in which the event occurs.

When an SMSF member has a pre-existing income stream, it must be reported on or before 1 July 2018. For more information on the new reporting obligations check out the ATO Website.

Determining fund reporting frequency in Simple Fund 360


Simple Fund 360's Analytical Insights screen allows you to quickly determine which of your funds have exceeded the $1 million limit and will therefore require quarterly reporting.

To do this in Simple Fund 360, click the Analytical Insights button next to the fund selection box.

 Under the filters section, check the appropriate Total Super Balance box to filter the funds displayed by their total super balance.

 

This filter can further be customised by editing the filter that appears and changing the limits as needed.

To help you manage your TBAR reporting requirements the event due dates are also tracked in the TBAR Management screen and the Transfer Balance Dashboard.

How do I identify which funds are affected? 


Using the Analytical Insights screen you can currently identify which fund members have a Pension Balance or Account Balance greater (or under) than $1 million. Remember that you will need to consider super balances outside of this SMSF e.g. an Industry Fund balance as this filter will not include those balances. 


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