This month, the Transfer Balance Accounting Reporting (TBAR) regime has undergone changes that may significantly impact the timing that SMSFs report certain events.

From 1 July 2023, all SMSFs required to report transfer balance account events will be considered quarterly reporters. This will also capture all reportable events that may have occurred in the 2022/23 financial year. In effect, all reportable events from 1 July 2022 – 30 September 2023 will have a reporting date of 28 October 2023.

The old rules around this will not be grandfathered – any funds previously identified as annual reporters will now be quarterly reporters from 1 July 2023 will need to consider the new reporting date for any events that have, or will occur during this financial year.

Existing quarterly reporters will not receive an extension to lodge and will still need to report events from the 2022/23 financial year on a quarterly basis.

There will continue to be some instances where reporting must occur earlier:

• Commutations resulting from a member voluntarily responding to an excess determination are to be reported within ten business days after the end of the month in which the event occurs.
• Commutations required due to the receipt of a commutation authority from the ATO must be reported within 60 days of the authority being issued.

For those still having their financial accounts processed annually, this may require a rethink in dealing with their accountant/administrator. As these professionals often assist with lodging the Transfer Balance Account Reports (TBAR), they need to stay updated on any events in a more timely manner.

If you require assistance with the new TBAR reporting regime, it’s best to contact a licensed adviser or speak with us, as we may assist you with finding the right person to help.