Event Based Reporting Recorded Webinar

Questions and answers provided are correct at the time of publication (02/05/2018)

Does a TRIS pension have to be reported on the TBAR ?

When a TRIS is in Retirement phase (exempt TRIS) is commenced, it will need to be reported using the TBAR.

Can we currently lodge the TBAR through SF 360?

Lodgement through any software platform has not been made available at this stage. You will need to lodge the TBAR via the ATO portals or post.

Can you enter external Super Balances into SF 360?

Yes external balances can be entered in SF360

TBAR has to be lodged prior to 1st July 2018 for every SMSF that had a Pension at 30th June 2017 regardless of what the Total Super Balance of the Members is?
Yes, that is correct, TBARs will need to be lodged regardless of the members TSB.
Please see the following link for more information:

https://www.ato.gov.au/Super/Self-managed-super-funds/Administering-and-reporting/New-reporting-obligations-for-SMSFs/#How_often_you_need_to_report

Is this Transfer Balance dashboard already in operation?

Yes the dashboard is already available.

Can we print the form without a declaration date? Would prefer the client to fill this in when they sign the form?

This cannot be done at this stage.

What if you have more than 4 events (eg more than 4 income streams as at 30/06/2017)?

If you have more than 4 events, you will need to report them in 2 forms or use the global TBAR screen.

If you are lodging TBAR via tax agent portal does the PDF document have to be physically signed by the tax agent prior to attaching and forwarding to ATO?

The ATO hasn’t specifically addressed this. We will try and get a comment from the ATO. Therefore, to be safe, make sure you are getting it signed in the interim.

Can we manually amend the TBAR files to be lodged with ATO?

Yes, you can amend the PDFs, but it is not recommended by BGL.

When a member has an income stream balance of $1.6m at 30/6/2017 and didn’t lodge TBAR yet. ls the latest reporting date 1/7/2018?

All 30/06/17 pensions need to be reported prior to 1/7/18

Does the form have to be physically signed before lodging to ATO?

BGL have not received any confirmation at the moment from the ATO, however, its best to sign PDF prior to lodging. We will provide more info on this when confirmed by the ATO

If I accidentally delete any transactions in the TBAR, is there an undo button to recover the deleted transaction?

There is no undo button in both SF360 and SF desktop.

Whether TRIS as on 30.06.2017 & Converted to ABP on 01.07.2017 need to be reported via TBAR?

Based on the ATO requirements for reporting balances at 30/6, yes that will be reported to the ATO. It is an income stream that is continuing to be paid beyond 1/7/17.

Do i need to report the accumulation balance as well for the 30 June 2017 balance?

ATO will be shortly clarifying the situation when a member has both accumulation and pension phase accounts as at the 30 June 2017.

Who can sign the TBAR form?

The Trustee and the Tax agent (Lodging Party) can sign.

When are the 2018 events required to be reported?

The reporting obligation will depend on the total super balance of the members.
Please refer to the ATO link below for a full explanation of the reporting obligations.
https://www.ato.gov.au/Super/Self-managed-super-funds/Administering-and-reporting/New-reporting-obligations-for-SMSFs/

Can the TBAR go from annually to quarterly and back if the members’ balances go above or below the $1M mark?

Based on ATO’s article which can be found below, it is not likely to move from annually to quarterly or vice versa.
https://www.ato.gov.au/Super/Self-managed-super-funds/Administering-and-reporting/New-reporting-obligations-for-SMSFs/

Can TBAR events be cancelled or changed after lodgement with the ATO?
Events can be cancelled after it has been lodged
https://360help.com.au/pages/viewpage.action?pageId=24381773#Cancel+a+previously+reported+event

4 Likes

Accumulation Phase Value (APV) at Question 15 on the transfer balance account report (TBAR) is required only in specific scenarios for 30 June 2017.

Check out the ATO link for more detail:

1 Like

Hey Guys, new thread now available for Event-based reporting: