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New SMSF Reporting Requirement

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Starting 1st of July 2018, plenty of SMSFs have a new reporting obligation apart from their annual return. ATO has introduced a new SMSF reporting requirement to complement the Transfer Balance Cap and Event-based Reporting Framework. To know more about this, talk to a chartered accountant near you.

The Transfer Balance Cap is the $1,600,000 limit on the amount an SMSF member can have in retirement phase. The ATO will monitor and regulate any events that affect this cap and the new reporting obligation is called Transfer Balance Account Reporting or TBAR. TBAR also tracks a member’s Total Superannuation Balance, including accumulation and retirement phase balances within the SMSF. 

Meanwhile, an SMSF should report events that impact a member’s transfer balance, such as income streams that a member was receiving on 30th of June 2017 and that continued to be paid after 1st of July 2017 in retirement phase. It also includes new retirement phase income streams, several limited recourse borrowing arrangement payments, conversion of a transition to retirement phase income stream to retirement phase on retirement and pension commutations. 

Please note that 30th of June 2017 retirement phase and accumulation phase values reporting is due for lodgment on 1st of July 2018 while ongoing event reporting where a member’s total super balance exceeds $1,000,000 is due 28 days after the end of the quarter. Ongoing event reporting where all members’ total super balances are less than $1,000,000 is due on the SMSF annual return due date. 

Members with total super balances more than $1,000,000 are most affected by the new reporting obligations because of the required quarterly reporting. If your Superfund has to lodge TBAR quarterly, we can process, with your input, your 2018 financial year fund transactions and current events. Annual TBAR reporting will be prepared with 2018 annual accounts. 

If you would like to know more about SMSF, talk to a chartered accountant near you. You can click here to know more about Chan & Naylor services. You can leave your details here and we can schedule you for a free consultation. We’ll contact you to explain more. 

Whether you are a beginner, seasoned investor or business owner, our property and business tax accountants can give you guidance to maximise the financial areas of your life. We can also give you an integrated and tailored solution for your superannuation, taxation, property investment, asset protection, estate planning and more.  

Click here to schedule a chat or visit any of our local offices near you. 

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Chan & Naylor Group has national offices in Brisbane and Capalaba in Queensland, Melbourne and Moonee Ponds in Victoria, East Perth in Western Australia, and South West Sydney, Parramatta, Pymble, North Sydney, and Sydney in New South Wales that can assist with SMSF reporting.


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