New information & reporting obligations for self management super funds.

SELF MANAGED SUPER FUNDS AND INFORMATION AND ASSISTANCE.

Some self-managed superannuation funds (SMSF’s) will be subject to new reporting obligations imposed by the ATO. These new reporting obligations, TBAR (transfer balance account reports) will come into force from 30 June 2018, and will be separate and additional to the SMSF annual return that is lodged at the end of each financial year by Stratogen Accounting.

Retirement Pension Phase

All SMSF’s that have at least 1 member in retirement pension phase as at 30 June 2017 will need to report their retirement income stream balance to the ATO via TBAR on or before 1 July 2018.

Likewise from 1 July 2018, all SMSF’s that have at least 1 member in retirement pension phase will need to lodge TBAR’s with the ATO. The reporting to the ATO will be either annually (via the SMSF annual return) or quarterly – within 28 days of the end of each quarter (via a separate report – TBAR).

Quarterly reporting for Self Managed Super Funds

The requirement to report quarterly will be dependent upon the value of each members total superannuation balance as at either 30 June 2017 (for those with pension/retirement income streams existing on 30 June 2017) or the 30 June prior to the financial year in which the first member commences their first income stream from the SMSF – whichever may be the case.

The concept of a members total superannuation balance (TSB) requires us to be up to date with not only each members account balance in the SMSF but also the balance of any/all super fund accounts held outside the SMSF, regardless of whether they be in accumulation or pension phase. If the SMSF has at least 1 member in retirement pension phase and 1 member (not necessarily the same member) has a total superannuation balance of $1 million or more, than the SMSF will need to lodge the TBAR’s quarterly with the ATO.

The TBAR will report specific events for each member of the SMSF to the ATO. A few of these include, the commencement of new retirement income streams, commutations back to an accumulation account and some payments relating to limited recourse borrowing arrangements (in certain situations).

The role of your accountant

Your Accountant at Stratogen Accounting will be able to report and lodge the TBAR information with the ATO, however these new reporting obligations will require us to have all your SMSF financial transactions allocated in a timely manner to ensure the accuracy of the information that is being lodged to the ATO. If your SMSF is liable for the quarterly TBAR your Stratogen Accountant will contact you.

Need Self Managed Superannuation Fund assistance? If you have any questions regarding the implications of the new reporting obligations on your SMSF, please contact your Stratogen Accountant today.

More superannuation tips and information

Sunshine Coast Financial Advisors Noosa

Stratogen consists of a team of expert personal accountants and professional financial advisors who can provide advice and assistance regarding all aspects of Self Managed Super Funds. Our accounting firm’s head office is located at Noosa on the QLD Sunshine Coast. Our expertise is unparalleled and thus we work with clients living interstate around Australia and internationally.

We offer the full range of services expected of a leading edge accounting firm. Our personal services for individuals include accounting, tax returns, superannuation funds and financial planning, estate planning, insolvency services and asset protection. Our approach to both our clients is practical, open and honest.

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