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Nil - Quarterly TBAR report? is it required to be lodged?

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Newbie

Views 1799

Replies 5

I am required to report Quarterly due to at 31.07.2017 a bal of $1.6M and paying a pension.

 

If my only transactions are pension payments & earnings for the quarter, as I understand, there is nothing to report on TBAR for the quarter?

 

Am I required to lodge a "nil TBAR" for the quarter?

 

Thank you

 

1 ACCEPTED SOLUTION

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Most helpful response

Enthusiast Registered Tax Practitioner

Replies 4

Hi Karen,

 

There isn't something called a 'Nil TBAR' report - it's not like a tax return or activity statement.

 

Only reportable events need to be lodged, which will typically be a new pension starting or an existing pension being commuted (stopped) either in full or partially.

 

More information here: What events you need to report

 

Something that might be worth thinking about is if more than the minimum pension is withdrawn, should an election (decision) be made at the time to treat them as 'partial commutations' rather than pension payments.  These amounts are then debited against the cap and increase space available under the $1.6m. This strategy is not applicable where the minimum pension only is being taken.

 

The first TBAR quarterly reporting is due 28/10/2018 and covers any reportable events AFTER 30 June 2017.

 

I hope this assists.

 

 

 

5 REPLIES 5
Highlighted

Most helpful response

Enthusiast Registered Tax Practitioner

Replies 4

Hi Karen,

 

There isn't something called a 'Nil TBAR' report - it's not like a tax return or activity statement.

 

Only reportable events need to be lodged, which will typically be a new pension starting or an existing pension being commuted (stopped) either in full or partially.

 

More information here: What events you need to report

 

Something that might be worth thinking about is if more than the minimum pension is withdrawn, should an election (decision) be made at the time to treat them as 'partial commutations' rather than pension payments.  These amounts are then debited against the cap and increase space available under the $1.6m. This strategy is not applicable where the minimum pension only is being taken.

 

The first TBAR quarterly reporting is due 28/10/2018 and covers any reportable events AFTER 30 June 2017.

 

I hope this assists.

 

 

 

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Anonymous

Replies 0

 
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Newbie

Replies 2

Thank you for your reply.

 

As I have total superfunds inexcess of $2M, $1.6M is capped and remainder was commuted to accumulation account 30.6.17

So I have been drawing minimum pension from my $1.6m pension account, and any funds drawn abovethe minimum pension I will be taking as lumpsum payment from accumulation as I am over 65years. 

 

What I am confused about is, are the lump payments from my accumulation reportable on quarterly TBAR for period ending 30.09.18?

 

Thanks

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Enthusiast Registered Tax Practitioner

Replies 1

Hi there,

 

No - lump sum payments from an accumulation account DO NOT need to be reported under the TBAR reporting regime.

 

Hope this assists.

 

SFP.

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Newbie

Replies 0

Thank you so kindly for your information & input.

 

It is very much appreciated Smiley Happy