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Quarter 3 of, 2018 archive
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In case you missed it – The company tax Bill that did pass Parliament.
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GST spotlight headed to smaller end of town
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Superannuation Amnesty – Maybe! Maybe Not!
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Update of Australia's vital statistics
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Guidance for SMSFs on transfer balance reporting
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Update to Australia's vital statistics
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Tax Time Checklists- Individual, Company, Trust, Partnership and Super Funds
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SMSFs - Our 'hardest' jobs
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Tax Office reveals adventurous, dubious claims ahead of tax time
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ATO reveals top tax time mistakes, set to contact 1 million taxpayers
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Watch out for charges with incoming GST laws.
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‘Wipe the slate clean’: Clients, accountants urged to use new amnesty period
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Statistics for all Australians
Guidance for SMSFs on transfer balance reporting

       

 

The Australian Taxation Office has released further guidance on when SMSFs need to report events affecting their members’ transfer balance accounts (by making a transfer balance account report, or TBAR) for the purposes of the $1.6 million pension cap.

From 1 July 2018, SMSFs that have any members with a total superannuation balance of $1 million or more must report events impacting that member’s transfer balance account within 28 days after the end of the quarter in which the event occurs.

SMSFs where all members have total super balances of less than $1 million can choose to report events which impact their members’ transfer balances at the same time that the fund lodges its annual return.

The guidance also covers reporting requirements for retirement phase income streams and commutations (including commutation authorities).

 

 

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