Self-managed super funds (SMSFs) must report certain events that affect members transfer balance account quarterly using transfer balance account reporting (TBAR). These events must be reported even if the member's total superannuation balance is less than $1 million.
TBARs for the December quarter are due on 28 January 2025. If you do not report on time, you may be subject to compliance action and penalties and your member’s transfer balance account may be adversely affected. The member may need to commute any amounts more than their cap and pay more in excess transfer balance tax.
You are not required to lodge if there were no transfer balance account events during the quarter.
Refer to Event-based reporting for SMSFs and the TBAR instructions when preparing your TBAR.
The easiest way to lodge is through Online Services for Business.
Looking for the latest news for SMSFs? You can stay up to date by visiting our SMSF newsroom and subscribingExternal Link to our monthly SMSF newsletter.