Compulsory quarterly transfer balance reporting

The ATO reminds from 1 July 2023, self-managed super fund (SMSF) must report certain events that affect members transfer balance account quarterly. Trustees report these events by lodging a transfer balance account report (TBAR) no later than 28 days after the end of the quarter in which they occur.

This change provides members with more timely and accurate information which allows them to make informed decisions in managing their transfer balance account and cap. 

For SMSF trustees currently lodging TBAR annually at the same time as their SMSF annual return, they will need to report all events that occurred in the 2023 income year by 28 October 2023. ATO advises trustees should start lodging quarterly now to save time at the end of the income year. 

The easiest way to lodge is through Online services for business, or  your SMSF tax agent can also lodge online through their agent online services.