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3 Comments

  1. Raplh Venema

     /  June 22, 2018

    My wife have been retired,owned a SMSF and have lodged tax and annual returns for years. Do we now have to file TBAR’s also?

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    • Ralph, thank you for the question and the answer is it depends on the balances of the member’s for TBAR ongoing reporting

      If an SMSF member has a pre-existing income stream, it must be reported to on the TBAR report on or before 1 July 2018. A pre-existing income stream is an income stream the member was receiving on 30 June 2017 that:

      -continued to be paid to them on or after 1 July 2017, and
      -is in retirement phase.

      From 1 July 2018, all SMSFs must report events that affect their members’ transfer balances. Timeframes for reporting are determined by the total superannuation balances of an SMSF’s members.

      Where all members of an SMSF have a total superannuation balance of less than $1 million, the SMSF can report this information at the same time as when its annual financials and tax return are due.

      SMSFs that have any members with a total superannuation balance of $1 million or more must report events affecting members’ transfer balances within 28 days after the end of the quarter in which the event occurs.

      Transfer balance account events that occur during 2017–18 should be reported when an SMSF’s first TBAR is due.

      If an SMSF is reporting annually, i.e all members have balances less than $1m, this will be the same time as the trustee is due to lodge the 2017–18 annual financials and tax retrurn.

      If an SMSF is reporting quarterly i.e it has at least one member with a balance over $1m, this will be 28 October 2018.

      Your Accountant/Administrator should already be working on this for you so reach out to them and give them a little nudge along!

      Cheers

      Liam
      @SMSFCoach

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  2. Thanks for your useful informative Guidelines to Transfer Balance.

    Liked by 1 person

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