TBAR – introduction
Current TBAR functions include:
- Calculation of member’s personal transfer balance cap
- Indexation of personal transfer balance cap in line with changes to the general transfer balance cap
- Monitoring of a member’s transfer balance account against the relevant debit and credit events and calculation of any excess transfer balance amount
- Calculation of daily notional earnings when the transfer balance cap has been exceeded
- Monitoring member’s Total Superannuation Balance
- Generation of the TBAR event file to be lodged via the ATO portals (Business Portal or Tax Agent Portal)
- Cancellation of a member event record where errors were made in reporting to the ATO
Current exclusions:
- Management of Capped defined benefit income streams
- Calculation of Excess Transfer Balance Tax (the ATO will perform this assessment)
- Lodgement via the Practitioner Lodgement Service (PLS) Standard Business Reporting format. This is not expected to be enabled by the ATO until circa Sept 2018
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