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Transfer balance account report now available

The new transfer balance account report (TBAR) is available on the ATO’s website.

Self-managed super funds can use the TBAR report to report events that affect an individual member’s transfer balance account. The option to report is available from 1 October 2017, however, SMSFs are not required to report anything until 1 July 2018.

Events that affect a member’s transfer balance account will need to be reported to minimise the tax consequences of exceeding the transfer balance cap.

Funds with straightforward affairs are likely to have only a few events per member to report over the life of the fund. Common events that will require reporting include:

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News

Claiming personal super contributions deductions

May 25, 2018

More taxpayers can now claim a personal super contributions deductions this tax time due to the removal of the 10 per cent maximum earnings condition that came into effect from 1 July 2017.

Eligible individuals include those who earn their income from:

Those who wish to claim a deduction need to: