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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