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TBAR Reporting

The transfer balance account report, commonly known as TBAR, is a new report that must be lodged with the Australian Taxation Office (ATO) to report specific events in addition to the annual Self-Managed Super Fund (SMSF) tax return. Many clients ask us about TBAR and how it works, so we’ve put together this comprehensive guide to answer all your questions.

What Needs to be Reported in TBAR?

SMSF trustees must report any events that have an impact on a member’s transfer balance, including:

  • The value and type of income stream
  • Limited recourse borrowing arrangement (LRBA) payments
  • Establishment of new income stream

When Should TBAR Be Lodged?

The time frame for lodging TBAR depends on the total superannuation balance of the SMSF. If the balance is over $1 million, trustees must lodge TBAR within 28 days after the event. If the balance is below $1 million, it can be lodged with the annual SMSF tax return.

How to Report TBAR?

Most SMSF administrators can lodge TBAR easily using SMSF software or the tax agent portal. If trustees want to lodge it themselves, they can use the Super Transfer Balance Account Report form.

What Happens if You Make a Mistake in TBAR Reporting?

If you make a mistake in TBAR reporting, you can request to reverse or cancel the lodged report with ATO. You can do this through SMSF software or the tax agent portal. After correcting the errors, you can re-lodge the correct version with ATO.

TBAR Lodgement Cost

At iCare Super, we charge $220 per report for TBAR lodgement. We ensure that your reports are accurate and lodged on time to avoid any penalties.

TBAR reporting is an essential requirement for SMSF trustees to report transfer balance events. Our team at iCare Super can help you with TBAR lodgement and other SMSF compliance requirements. Contact us today to know more about our services and ensure a hassle-free SMSF management.


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