TBAR form revised for more events

The ATO has updated its paper transfer balance account report (TBAR) form to allow up to four transfer balance cap events to be reported per member.

An ATO spokesperson told selfmanagedsuper the online TBAR form will be available for single events in December, however, it was working to have online reporting of unlimited multiple events per member available from late March/early April 2018.

“The only restriction that applies to the reporting of multiple events per member is in relation to child death benefit income stream events,” the spokesperson said.

“These specific events will need to be reported separately on a paper TBAR form.”

Apart from child death benefit income stream events, there are no restrictions as to the multiple events that you choose to report on a single form, the ATO said.

For example, individuals can choose to report four existing income streams for a member; or one pre-existing income stream, one limited recourse borrowing arrangement credit, one member commutation and one reversionary death benefit income stream for a member.

“We would, however, suggest that reporting events in the order that they occurred when more than one paper form is required might be the most logical approach,” the ATO spokesperson said.

During a recent webinar, ATO SMSF segment director Maria Iacopino said reporting for most events will need to occur at the income stream level.

“For example, if a member has three income streams within a fund just before 1 July 2017, the fund will need to report the value and account details of each of these income streams separately,” Iacopino said.

“If a member only commutes a single income stream, the fund will only need to report the details of the commutation.”

In addition, she said the ATO encouraged members to report certain events closer to the time they occur to avoid the double counting of income streams.

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