The ATO has advised that the new Transfer balance account report (TBAR) and TBAR instructions are now available on ato.gov.au. The ATO says it has a plan to have an online TBAR form available from 1 January 2018.

SMSFs can use the TBAR to report events that affect an individual member’s transfer balance account. While SMSFs will not be required to report anything until 1 July 2018, the ATO says the option will be available from 1 October 2017.

The ATO expects that SMSFs with relatively straightforward affairs are likely to have only a few events per member to report over the life of the fund. The most common events that require reporting are:

  • the values of any retirement phase income streams to which an SMSF member is entitled, including reversionary income streams;
  • the value of any commutation of a retirement phase income stream by an SMSF member;
  • structured settlement payments an SMSF member receives and contributes to their fund;
  • certain limited recourse borrowing repayments that give rise to a transfer balance credit as a result of recently enacted legislation.

[ATO website: TBAR announcement; TBAR instructions; TBA Report; TT related article; LTN 185, 27/9/17; TM Sept 2017]

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