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Welcome back everyone. In the sixth and final part of my blog series, I want to discuss something that affects all of our financial journeys: Superannuation. Perhaps you’re concerned about your retirement savings? Or maybe uncertain about how to make the most .....
There are new reporting obligations for self-managed super funds (SMSFs). This is to support the introduction of the transfer balance cap and event-based reporting framework.
The transfer balance cap is a limit on the amount that individuals can have in pension in their superannuation. The cap is $1.6 million, per individual. For the ATO to monitor and regulate this, you (as trustees) are now required to report to the ATO any event that impacts this cap. This reporting obligation is known as TBAR (transfer balance account reporting).
From 1 July 2018, SMSFs are required to report events to the ATO that impact on an individual’s Transfer Balance Account (TBA).
The method of reporting is via a separate form to your SMSF annual return. Ongoing, the reporting obligation requires you to report each and every event that impacts your transfer balance cap. Depending upon your (or the individual’s superannuation balance), this obligation may be annual or quarterly.
SMSFs will need to report events that affect member’s transfer balance such as:
There are some events that are excluded from reporting including:
Altus will be lodging TBAR’s on behalf of our clients to cover all obligations relating to the year-end 2017. The next obligations on trustees are to report any transfer balance cap events for the year-end 30 June 2018. This report is due to be lodged by 20 October 2018.
From 1 July 2018, if you have a member whose balance exceeds $1 million, you will be required to report these events within 28 days following the end of the quarter of which they occurred.
If no members of the fund have a balance exceeding $1 million this obligation will be an annual obligation.
Please be aware, there are penalties for non-compliance. As your Altus Adviser, we are here to guide you through this complex legislative environment and your SMSF requirements. If you have any questions, please get in touch with your Altus Adviser or our SMSF Specialist, Stewart Mortlock about what these obligations mean to you.
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Altus Wealth Pty Limited ABN 55 649 956 212 is an Authorised Representative of Altus Financial Services Pty Ltd ABN 24 637 026 825 an Australian Financial Services Licensee (AFSL no. 520266). Altus Financial Services Pty Ltd is not responsible for the advice, products and services provided by Altus Accounting. Julie Azzi is a credit representative (CR No. 366834) of BLSSA Pty Ltd ABN 69 117 651 760 (Australian Credit Licence 391237).
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