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SMSF TBAR lodgement

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Newbie

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Good afternoon
Under the Super Transfer balance account report instructions found on the ATO website, it is stated under “Events you must report” (page 2) - 

Where more information is required to calculate a member’s total super balance or concessional contributions amount to meet legislative requirements, you are required to report:

  • 30 June accumulation phase value
  • 30 June retirement phase value (from 30 June 2018)
  • uncapped notional taxed contributions amount.
My question is:
Under what circumstances would a SMSF be required to report the 30/6/17 accumulation balance in the TBAR (due to be lodged before 1 July 2018).
For example, an SMSF has a single member with an account based pension balance of $1.6m @ 30/6/17 and an accumulation balance of $200,000 @30/6/17.  The Funds 2017 annual return has already been lodged and the return showed in the member section a total member balance of $1.8m @ 30/6/17.  The SMSF has prepared a TBAR ready for lodgement that shows total pension balance of $1.6m @ 30/6/17.  In this example, is there a need to also report the $200,000 30/6/17 accumulation balance in the TBAR?  If so, why is this accumulation account information required to be reported in the TBAR?  
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ATO Certified

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Hi @Connor2407,

 

Welcome to our Community!

 

Where a member of an SMSF has an accumulation phase as well as a retirement phase interest as at 30 June 2017 with an account-based pension only, in most instances an accumulation phase value (APV) will not be required to be reported to us on the TBAR. The APV is only required to be reported to us on the TBAR where the difference between the APV and the closing account balance reported on the SMSF annual return is not limited to the value of the administration, exit fees and realisation costs if that member was to voluntarily cease that interest.

 

You can find further information on our website, about Super Transfer balance account report instructions or by phoning us on 13 10 20 between 8am - 6pm, Monday to Friday to speak with an operator.

 

Thanks, JodieH.

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Anonymous

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Unfortunately there is still confusion around the Total Super Balance reporting as instructions from the ATO are not clear.

 

The ATO are in the process of updating their TBAR lodgement information especially in relation to Total Super Balance.... which a lot of people are lodging when they do not have to.  As to the time frame for their propsed website update I have no idea but one would hope they do it soon.

 

Here is some of the latest news on these TBAR forms - which is not in the ATO website but it should be - 

 

" ATO shall be updating its website soon to clear up confusion and provide additional information.

 

The Accumulation Phase Value (APV) is to be reported where the account balance supplied on a member contribution statement does not represent the value of the accumulation interest if the member was to voluntarily cause the interest to cease at 30 June.

 

For self-managed super fund members, they are required to provide an APV for 30 June 2017 if they are in both accumulation and retirement phase on that day. This is required as the ‘Closing account balance’ provided on the SMSF annual return does not indicate the account phases. If the member is only in accumulation phase, provision of the APV is optional as the member has access to their total super balance and can determine if that APV would result in their TSB reducing enough to bring them under a threshold test $1.6m.

 

SMSF annual return 2017-18 and onwards shall have provision to enable APV reporting, eliminating need to report on TBAR.

 

Concessions on reporting the APV are also contained in here, and it is self explanatory  CRT-Alert-076/2017 

 

As to why the ATO has not yet updated its website to include these concessions so its clear to everyone is a question for them.

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Hi @Connor2407,

 

Welcome to our Community!

 

Where a member of an SMSF has an accumulation phase as well as a retirement phase interest as at 30 June 2017 with an account-based pension only, in most instances an accumulation phase value (APV) will not be required to be reported to us on the TBAR. The APV is only required to be reported to us on the TBAR where the difference between the APV and the closing account balance reported on the SMSF annual return is not limited to the value of the administration, exit fees and realisation costs if that member was to voluntarily cease that interest.

 

You can find further information on our website, about Super Transfer balance account report instructions or by phoning us on 13 10 20 between 8am - 6pm, Monday to Friday to speak with an operator.

 

Thanks, JodieH.