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