TBAR Console
Class TBAR Console provides bulk event-based reporting, significantly reducing the complexity brought about by the introduction of Transfer Balance Account Reporting.
Accountants and administrators using Class can now simply generate a single file containing all the reportable events across many or all funds in their business, then export and upload the file to the ATO Tax Agent Portal via the Bulk Data Exchange.
The console automatically records events which need to be reported to the ATO, reducing time and supporting compliance needs for accountants and their clients. The system also automatically handles any record deletions or modifications, such as flagging, that an event has been handled manually.
Supported features:
- TBAR console to show all outstanding TBAR records that need to be lodged
- Functionality to generate, delete, ignore and amend records
- Support file generation to facilitate lodgment through ATO Bulk Data Exchange
- Ability to enter and lodge Special Values for Complying, Term Allocated and Flexi Pensions
TBAR Console displaying outstanding records that need to be lodged with the ATO.
Generated TBAR files which can be lodged with the ATO through Tax Agent Portal Bulk Date Exchange. This supports multiple TBAR records to be lodged in one single lodgement and increases efficiency greatly.
FAQs
Question: What events are reportable through TBAR?
Answer: As an SMSF, it is required to report the following events:
- 30 June 2017 accumulation phase value in some scenarios – please refer to the following sections for more information.
- retirement phase income streams in existence just before 1 July 2017
- any of the following events that occur on or after 1 July 2017
- super income streams that have commenced in retirement phase
- some limited recourse borrowing arrangement (LRBA) repayments*
- pension commutations
- compliance with a commutation authority issued by the Commissioner
- personal injury (structured settlement) contributions
- super income streams that stop being in the retirement phase, for example, because of the trustee failure to meet the minimum pension payment standards for an income stream.
The 2017-18FY SMSF annual return will provide the capacity for both APV and RPV amounts to be reported in a single lodgment. The TBAR form will not be used for this reporting.
Question: What is Retirement Phase Value (RPV) and is it reportable through TBAR?
Answer: The retirement phase value of a member’s total superannuation balance is the balance of a client’s transfer balance account, adjusted to reflect the current value of an interest in an account-based income stream at the end of 30 June of relevant financial year.
The following retirement phase income streams are included in the balance of a member’s transfer balance account:
- account based income streams
- capped defined benefit income streams’ (special value used)
- deferred superannuation income streams that are retirement phase income streams
- transition to retirement income streams that are retirement phase income streams
- income streams that are not account based or capped defined benefit income streams, and
- death benefit income streams including reversionary income streams (special rules apply).
Valuations for transfer balance account purposes are determined:
- on 30 June 2017 for income streams commenced prior to 1 July 2017, or
- on the starting day for those income streams commencing on or after 1 July 2017.
Superannuation income streams (other than account based income streams) retain the value attributed to the transfer balance account.
For most SMSFs with only account based income streams, generally, the retirement phase value will simply reflect the current value of those income streams.
For the 2016-17FY, an RPV event should not be submitted. For the 30 June 2017 TSB, transitional legislation is in place under Section 307-230 of the Income Tax (Transitional Provisions) Act 1997, which means that for a retirement phase interest, the transfer balance account balance as at 1 July 2017 is utilised to determine the retirement phase value.
The 2017-18FY SMSF annual return will provide the capacity for both APV and RPV amounts to be reported in a single lodgment. The TBAR form will not be used for this reporting.
Question: Which reportable TBAR events will Class create automatically and which events you need to enter through manual TBAR events?
Answer: The following table will provide a summary:
Reportable Events Description | Class Function | |
---|---|---|
Common Events | 'Pre-existing' superannuation income streams in the retirement phase on 30 June 2017 Special values for capped defined benefit income stream / flexi pension still needs to be entered manually | Automated * |
New income streams in the retirement phase on or after 1 July 2017, including reversionary income streams | Automated | |
Commutations of retirement phase income streams | Automated | |
Converting of transition to retirement phase income streams (TRIS) into the retirement phase | Automated ^ | |
Less Common Events | Certain LRBA repayments | Manual # |
Personal injury (structured settlement) contributions | Automated | |
Child death benefit income stream (including reversionary death benefit income stream) | Automated (if established in Class) | |
Income stream stops being in retirement phase | Manual | |
Commissioners commutation authority | Manual |
* Automated means the TBAR event will be created by Class based on the transaction processed in Class (e.g. Pension
Establishment, Pension Commutation).
^ Class will enhance the functionality to support for the TRIS conversion for TBAR purpose.
# Manual means that users are expected to create a manual TBAR event in Class to report it to the ATO (e.g. LRBA repayments).
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