As the next quarterly deadline for lodging transfer balance account reports (TBAR) will fall on a weekend, SMSFs have been offered an extension and will be able to lodge their report on the following Monday, the ATO has announced.
“The next quarterly TBAR due date is 28 July, but as this falls on a weekend, you can lodge TBARs on Monday 29 July without penalty,” the ATO stated.
The SMSF regulator has reminded SMSF professionals and their clients that quarterly TBARs are required if any member of the SMSF had a total super balance (TSB) of $1 million or more on 30 June in the year before any member starts their first retirement-phase income stream.
“If any member of their SMSF had TBA (transfer balance account) events during the April–June quarter, you need to report these to us as this information isn’t captured in the SMSF annual return. If no TBA event occurred, they have nothing to report,” it said.
Additionally, it highlighted the due date for reporting TBA events for the past financial year is the same as for the annual return if no members have a TSB over $ 1 million. However, it has advised members to report any events earlier if there is a rollover or a member requests a commutation.
