Different timeframes apply to lodging a transfer balance account report, depending on whether you're:
- reporting a transfer balance account event
- reporting a commutation a member makes after they have exceeded their transfer balance cap and we have sent them an excess transfer balance determination
- responding to a commutation authority.
When to report a transfer balance account event
From 1 July 2023, all SMSFs will be required to lodge their TBAR quarterly. This means you must report the events 28 days after the end of the quarter in which the event occurred. We recommend that you begin lodging quarterly prior to this date.
Before 1 July 2023
The due date of the TBAR for SMSFs is currently determined by the total superannuation balances of your members. Once you have determined the total superannuation balance, you can lodge:
- annually – you must report all transfer balance account events that occur within a financial year at the same time you lodge your SMSF annual return (SAR)
- quarterly – you must report all transfer balance account events that occur within a quarter 28 days after the end of the quarter in which the events occur.
You can choose to report events as they occur and in some instances are encouraged to do so to avoid incorrect excess transfer balance determinations issuing.
From 1 July 2023
From 1 July 2023, all SMSFs will be required to lodge their TBAR quarterly, no matter what their members total superannuation balance is. This change will assist your members in making decisions around their transfer balance account.
You must report all transfer balance account events 28 days after the end of the quarter in which the event occurred.
All unreported events prior to 30 September 2023 must be reported by 28 October 2023.
If a member has exceeded their transfer balance cap
These time frames do not apply if your member has exceeded their transfer balance cap.
If a member has exceeded their transfer balance cap, you must report a voluntary member commutation of an income stream in response to an excess transfer balance determination within 10 business days after the end of the month in which the commutation occurs.
You must correct your reporting or report missing information to us as soon as possible when your member has exceeded their cap and we have issued:
- them with an excess transfer balance determination
- their fund with a commutation authority.
If you consider that the information we've relied on is incorrect or incomplete, let us know as soon as possible. This can happen if you've not reported an event such as a commutation to us.
When to report in response to a commutation authority
If you are responding to a commutation authority we issued, you must lodge the report within 60 days of the date of issue on your commutation authority. Refer to your commutation authority for the lodgment due date.
If you do not comply with the commutation authority by the due date, (that is, within 60 days of the issue date on the commutation authority) or tell us why you have not done so (using a TBAR), your member's income stream will stop being in the retirement phase. This will affect their entitlement to exempt current pension income. You may also be liable for penalties or subject to compliance action.
There is an administrative penalty if you don't notify your member of your response to the commutation authority within 60 days of the issue of the commutation authority.
Failure to lodge
If you don't lodge the report by the required date:
- your member’s transfer balance account may be adversely affected
- you may be subject to compliance action and penalties.
The transfer balance cap reporting protocol has been developed to assist APRA regulated funds with their transfer balance reporting.