From 1 July 2023, self-managed super funds (SMSFs) must report transfer balance account events by lodging a quarterly transfer balance account report (TBAR) – which is more frequent than what currently applies.
The first quarterly TBAR report obligation will be due by 28 October 2023, to report all unreported events that occurred from 1 July 2022 through to 30 September 2023. It is important that events are reported on a timely basis for you to maximise tax free investment incomes earned within your super fund.
‘Events’ that require reporting to the ATO may include the following:
- A pension commencing as a result of new contributions into your super fund from 1 July 2022
- A pension commencing as a result of a member’s retirement (you may have sold your business for example)
- A pension commencing as a result of a member ceasing a position of gainful employment
- A pension commencing as a result of a member turning 65
- An existing member ceasing/stopping their pension
- Large lump sum withdrawals by a member in excess of their minimum pension.
Our SMSF accounting team can assist you in meeting your trustee obligations– if any of the above events apply to your circumstances (or if you think an event may apply to your circumstances), please inform our SMSF accounting team within Venture Financial Advisers so that Andrew Morris or Ryan Trickey can prepare the necessary mandatory paperwork for the ATO on your behalf.
Should you also require personal financial advice to discuss your options in relation to the above (or any other personal financial matter), please contact Andrew or Ryan on 03 5434 7600 and we can arrange a referral to one of our experienced and qualified financial advisers