The Government has introduced new reporting obligations for Self-Managed Superannuation Funds (SMSFs) with member’s in pension mode from 1 July 2018.

Transfer Balance Account Reporting – Superannuation Funds

SMSFs are required to report certain events which impact on a Member’s transfer balance account on a real-time basis via a Transfer Balance Account Report (TBAR), which is required to be lodged quarterly or annually (depending on the member balances of the funds).

This measure has been implemented by the ATO to enable them to monitor the Super Fund pension balances relative to the $1,600,000 pension balance cap.

We have already been in touch with clients that we know have reporting obligations under the new measures. If we haven’t contacted you and you think your fund may be impacted by these measures please contact your Client Relationship Manager to discuss.

As a result of these real time reporting obligations for SMSFs, it is becoming imperative to ensure your Super Fund Financial Reports are being updated regularly throughout the year.

You should also be in contact with us in advance of making a significant strategy changes to your Fund.