Opening balances for TBAR

For information on entering opening pension balances, see:

Input Opening Balances for Pension Accounts

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Transfer Balance Account

When entering opening pension balances for a new fund on or after 30/06/2017, a Transfer Balance Account adjustment will also need to be recorded in the first financial year processed in Simple Fund 360.

An example of these opening balance adjustments is:

• Opening Balances entered as at 30/06/2020
• First reporting period = 2021 FY (01/07/2020 - 30/06/2021)
• Transfer Balance Account Adjustment is needed on 01/07/2020

Important Note about adding the TBA Adjustment

• The amount entered for the adjustment needs to include the Full TBA.
  • This includes external funds.
    
    
• Any historical transactions entered before the first reporting period also need to be included in this adjustment as anything entered prior to this will not flow through to the current financial year.

To enter the opening pension balance Transfer Balance Account transaction in Simple Fund 360 a manual adjustment will be added to the Transfer Balance Dashboard.

Example:

Entry Date	01/07/2020
Transaction Type	Existing Pension Balance
Member Account Code	SF360 Member Account Code
Event Type	N/A: Non-Reportable Event
Credit	Pension Value

From the Main Toolbar, go to Member.
Select Transfer balance dashboard from the list.

Select Add Adjustment to input any adjustment.

For example, an opening pension balance of $500,000 has been entered for John Jones as at 30/06/2020. The corresponding Transfer Balance adjustment would be entered on 01/07/2020 as follows:

(Right-click the image and select "Open image in new tab" to view in full size)

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TBAR Indexation in Opening Balance Periods

Any fund created from the 2022 FY onwards will need to account for Transfer Balance Cap indexation.

When funds are past the indexation date of 01/07/2021, members are automatically set to the new Transfer Balance Cap of $1,700,000.

In order to adjust the cap for indexation, follow the instructions below.

1. Navigate to Fund > Fund Details:
   
   
   
2. Then navigate to Member > Transfer Balance Dashboard:
   
   
   
3. Ensure the Financial Year selected is 2020 - 2021:
   
   
   
4. Select Add Adjustment next to the appropriate member, and input the highest-ever pension balance for the member in the credit field. Then click .

5. Now, change the Financial Year above to 2021 - 2022 and click Calculate Personal TBC:
   
   
   
   
6. This creates a Transfer Balance Cap event based on the highest-ever balance recorded in step 4.

If the adjusted cap showing is incorrect, review the pension balance entered in step 4 and ensure the figure entered is correct. After review, click Calculate Personal TBC to recalculate the indexed cap.