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src=\"https:\/\/sa-digital.com.au\/rosati\/greybox\/gb_scripts.js\"><\/script>\n<link href=\"https:\/\/sa-digital.com.au\/rosati\/smsf_iframe_css\/iframe_style.css\" rel=\"Stylesheet\" type=\"text\/css\" \/><script type=\"text\/javascript\" src=\"https:\/\/sa-digital.com.au\/rosati\/smsf_iframe_js\/iframefunc.js\"><\/script><script src=\"https:\/\/sa-digital.com.au\/rosati\/smsf_iframe_js\/SB.js\" type=\"text\/javascript\"><\/script><grammarly-desktop-integration data-grammarly-shadow-root=\"true\"><\/grammarly-desktop-integration><\/html>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-67d0de1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"67d0de1\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-66 elementor-top-column elementor-element elementor-element-b0f2aea\" data-id=\"b0f2aea\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-fb060a5 elementor-widget elementor-widget-heading\" data-id=\"fb060a5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">SMSF Reporting Obligations<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-84ee479 elementor-widget elementor-widget-text-editor\" data-id=\"84ee479\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><em>Titian Rosati – Jan 30, 2023<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9f2d69c elementor-widget elementor-widget-text-editor\" data-id=\"9f2d69c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"color: #12334d;\"><strong>WHAT YOU NEED TO KNOW<\/strong><\/span><\/p><p>The ATO has released information on what events SMSF must report by specific dates and what happens if reporting is late.<\/p><p><strong><span style=\"color: #12334d;\">SOME OF THE EVENTS THAT NEED TO BE REPORTED<\/span><\/strong><\/p><p>An SMSF must report events that affect a member\u2019s transfer balance account.<\/p><p>Common events are:<\/p><p>details of when a member starts a retirement phase income stream, including death benefit income stream \u2013 details you need to provide include:<\/p><ul><li>type of income stream<\/li><li>the value<\/li><li>start date.<\/li><\/ul><p><br \/>Where the death benefit income stream is paid to a reversionary beneficiary, the start date will be the date the member died, and the value will be the value of the income stream on the date of death of the member:<\/p><ul><li>details (including value) of communications of retirement phase income streams, including commutation that occurs before it is rolled to another fund.<\/li><li>details of limited borrowings arrangement (LRBA) payments (including the value and date of each relevant payment) if the LRBA was entered into on or after 01 July 2017 (or a pre-existing LRBA) was re-financed on or after 01 July 2017) and the payment results in an increase in the value of the member\u2019s interest that supports their retirement phase income stream.<\/li><li>details (including value) of personal injury (structured settlement) contributions.<\/li><li>Compliance with a commutation authority issued by the ATO.<br \/>If no event happens, you don’t have to report.<\/li><\/ul><p><strong><span style=\"color: #12334d;\">SOME REPORTING EXCLUSION<\/span><\/strong><\/p><p>Events an SMSF does not need to report on a transfer balance account report (TBAR) include:<\/p><ul><li>pension payment<\/li><li>investment earnings and losses<\/li><li>when an income stream ceases because the interest has been exhausted<\/li><li>the death of a member<br \/><br \/>Information that individuals report to the ATO directly using a Transfer balance event notification form (NAT 74919)<\/li><li>this includes a<br \/>Family law payment split<br \/>Debit event from fraud, dishonesty, or bankruptcy<br \/>Structured settlement contribution made before 01 July 2017.<\/li><\/ul><p><strong><span style=\"color: #12334d;\">WHEN IS REPORTING REQUIRED<\/span><\/strong><\/p><p>All SMSFs must report events that affect their members\u2019 transfer balances. Due dates will depend on their total super balance until 30 June 2023. However, some events will require you to report sooner being:<\/p><p>a voluntary member commutation of an income stream in response to an excess transfer balance (ETB) determination \u2013 this must be reported within TEN (10) business days after the end of the month in which the commutation occurs<br \/>responses to commutation authorities’ communications must be reported within SIXTY (60) days of the date the commutation authority notice was issued.<\/p><p>You can find more guidance in the Law Companion Ruling LCR2016\/9 Superannuation reform transfer balance cap.<\/p><p><strong><span style=\"color: #12334d;\">UNTIL 30 JUNE 2013<\/span><\/strong><\/p><p>Due dates for transfer balance event reporting are determined by the total super balance of an SMSF\u2019s members,<\/p><p>For a total balance of $1 million or more<\/p><p>If the total balance of any of your members was $1 million or more on 30 June, the year before the first member starts their retirement phase income stream, you must report quarterly.<\/p><p>For a total balance of less than $1 million<\/p><p>If the total balance was less than $1 million, you can report annually at the same time you lodge your SMSF annual return.<\/p><p><strong><span style=\"color: #12334d;\">FROM 01 JULY 2023<\/span><\/strong><\/p><p>All SMSFs will be required to report quarterly, even if the members\u2019 total super balance is less than $1 million, which means TWENTY-EIGHT (28) days after the end of the quarter in which the event occurs.<\/p><p><strong><span style=\"color: #12334d;\">CONSEQUENCES OF LATE REPORTING<\/span><\/strong><\/p><p>If an SMSF does not lodge a TBAR by the required date, the member\u2019s transfer balance account will be adversely affected:<\/p><p>They may need to commute more money to rectify any excess and pay excess transfer balance tax<br \/>An SMSF may be subject to compliance action and penalties if they fail to lodge or loge late<br \/>Noncompliance may result in denial of exempt current pension income (ECPI) claims.<\/p><p><strong><span style=\"color: #12334d;\">VALUING ASSETS FOR REPORTING<\/span><\/strong><\/p><p>In line with ATO valuation guidelines for SMSFs, the trustee may choose to use a reasonable estimate of the value of an income stream to meet their TBAR obligations. This usually occurs when the member starts a pension partway through the year.<\/p><p>The ATO expects that, as part of choosing to start a pension, an individual will have a reasonable estimate of the value of that pension. However, it may be wise to bring valuation practices forward in some instances.<\/p><p>If the trustee has used a reasonable estimate and the value of that income stream significantly changes, the trustee may correct the value initially reported to the ATO.<\/p><p><strong><span style=\"color: #12334d;\">RECORD KEEPING<\/span><\/strong><\/p><p>Trustees must ensure:<br \/>their TBAR reporting is true and correct<br \/>the commencement and commutation of retirement phase income streams are supported by contemporaneous fund records<br \/>payments to members have been correctly characterised at the time the payment was requested so trustees and auditors can ensure the minimum pension payment standards have been met (this is especially important where pension payments have been made from an income stream that has also been commuted in full or in part during the year)<br \/>their TBAR reporting for the commencement and commutation of retirement phase income streams also aligns with their ECPI claim for a year<br \/>relevant documentation is passed on to their auditor.<\/p><p><strong><span style=\"color: #12334d;\">AMENDED REPORTING<\/span><\/strong><\/p><p>TBAR re-reporting by SMSF trustees will be monitored. In addition, the ATO may request evidence of relevant documentation and calculations to substantiate any TBAR amendment.<\/p><p>We encouraged you to report early to avoid any possible penalties.<\/p><p>As always, we encourage you to contact the team at ROSATI WANG Super with any queries or comments you may have regarding this or any other SMSF audit issue.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2790f57 elementor-widget elementor-widget-heading\" data-id=\"2790f57\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\">Source: Australian Taxation Office (www.ato.gov.au)<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-cf59f5a\" data-id=\"cf59f5a\" data-element_type=\"column\" data-settings=\"{"background_background":"classic"}\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>ROSATI WANG Super – Self-managed superannuation fund audits Toggle navigation Home Workflow About Us Why Us Resources SMSF Byte Testimonials Contact Us Audit Dashboard Document Portal SMSF Reporting Obligations Titian Rosati – Jan 30, 2023 WHAT YOU NEED TO KNOW The ATO has released information on what events SMSF must report by specific dates and […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"blank","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-170","post","type-post","status-publish","format-standard","hentry","category-rosati-super"],"_links":{"self":[{"href":"https:\/\/rosatiwangsuper.com.au\/blog\/wp-json\/wp\/v2\/posts\/170","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rosatiwangsuper.com.au\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rosatiwangsuper.com.au\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rosatiwangsuper.com.au\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/rosatiwangsuper.com.au\/blog\/wp-json\/wp\/v2\/comments?post=170"}],"version-history":[{"count":24,"href":"https:\/\/rosatiwangsuper.com.au\/blog\/wp-json\/wp\/v2\/posts\/170\/revisions"}],"predecessor-version":[{"id":720,"href":"https:\/\/rosatiwangsuper.com.au\/blog\/wp-json\/wp\/v2\/posts\/170\/revisions\/720"}],"wp:attachment":[{"href":"https:\/\/rosatiwangsuper.com.au\/blog\/wp-json\/wp\/v2\/media?parent=170"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rosatiwangsuper.com.au\/blog\/wp-json\/wp\/v2\/categories?post=170"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rosatiwangsuper.com.au\/blog\/wp-json\/wp\/v2\/tags?post=170"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}

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src=\"https:\/\/sa-digital.com.au\/rosati\/greybox\/gb_scripts.js\"><\/script>\n<link href=\"https:\/\/sa-digital.com.au\/rosati\/smsf_iframe_css\/iframe_style.css\" rel=\"Stylesheet\" type=\"text\/css\" \/><script type=\"text\/javascript\" src=\"https:\/\/sa-digital.com.au\/rosati\/smsf_iframe_js\/iframefunc.js\"><\/script><script src=\"https:\/\/sa-digital.com.au\/rosati\/smsf_iframe_js\/SB.js\" type=\"text\/javascript\"><\/script><grammarly-desktop-integration data-grammarly-shadow-root=\"true\"><\/grammarly-desktop-integration><\/html>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-67d0de1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"67d0de1\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-66 elementor-top-column elementor-element elementor-element-b0f2aea\" data-id=\"b0f2aea\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-fb060a5 elementor-widget elementor-widget-heading\" data-id=\"fb060a5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">SMSF Reporting Obligations<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-84ee479 elementor-widget elementor-widget-text-editor\" data-id=\"84ee479\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><em>Titian Rosati – Jan 30, 2023<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9f2d69c elementor-widget elementor-widget-text-editor\" data-id=\"9f2d69c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"color: #12334d;\"><strong>WHAT YOU NEED TO KNOW<\/strong><\/span><\/p><p>The ATO has released information on what events SMSF must report by specific dates and what happens if reporting is late.<\/p><p><strong><span style=\"color: #12334d;\">SOME OF THE EVENTS THAT NEED TO BE REPORTED<\/span><\/strong><\/p><p>An SMSF must report events that affect a member\u2019s transfer balance account.<\/p><p>Common events are:<\/p><p>details of when a member starts a retirement phase income stream, including death benefit income stream \u2013 details you need to provide include:<\/p><ul><li>type of income stream<\/li><li>the value<\/li><li>start date.<\/li><\/ul><p><br \/>Where the death benefit income stream is paid to a reversionary beneficiary, the start date will be the date the member died, and the value will be the value of the income stream on the date of death of the member:<\/p><ul><li>details (including value) of communications of retirement phase income streams, including commutation that occurs before it is rolled to another fund.<\/li><li>details of limited borrowings arrangement (LRBA) payments (including the value and date of each relevant payment) if the LRBA was entered into on or after 01 July 2017 (or a pre-existing LRBA) was re-financed on or after 01 July 2017) and the payment results in an increase in the value of the member\u2019s interest that supports their retirement phase income stream.<\/li><li>details (including value) of personal injury (structured settlement) contributions.<\/li><li>Compliance with a commutation authority issued by the ATO.<br \/>If no event happens, you don’t have to report.<\/li><\/ul><p><strong><span style=\"color: #12334d;\">SOME REPORTING EXCLUSION<\/span><\/strong><\/p><p>Events an SMSF does not need to report on a transfer balance account report (TBAR) include:<\/p><ul><li>pension payment<\/li><li>investment earnings and losses<\/li><li>when an income stream ceases because the interest has been exhausted<\/li><li>the death of a member<br \/><br \/>Information that individuals report to the ATO directly using a Transfer balance event notification form (NAT 74919)<\/li><li>this includes a<br \/>Family law payment split<br \/>Debit event from fraud, dishonesty, or bankruptcy<br \/>Structured settlement contribution made before 01 July 2017.<\/li><\/ul><p><strong><span style=\"color: #12334d;\">WHEN IS REPORTING REQUIRED<\/span><\/strong><\/p><p>All SMSFs must report events that affect their members\u2019 transfer balances. Due dates will depend on their total super balance until 30 June 2023. However, some events will require you to report sooner being:<\/p><p>a voluntary member commutation of an income stream in response to an excess transfer balance (ETB) determination \u2013 this must be reported within TEN (10) business days after the end of the month in which the commutation occurs<br \/>responses to commutation authorities’ communications must be reported within SIXTY (60) days of the date the commutation authority notice was issued.<\/p><p>You can find more guidance in the Law Companion Ruling LCR2016\/9 Superannuation reform transfer balance cap.<\/p><p><strong><span style=\"color: #12334d;\">UNTIL 30 JUNE 2013<\/span><\/strong><\/p><p>Due dates for transfer balance event reporting are determined by the total super balance of an SMSF\u2019s members,<\/p><p>For a total balance of $1 million or more<\/p><p>If the total balance of any of your members was $1 million or more on 30 June, the year before the first member starts their retirement phase income stream, you must report quarterly.<\/p><p>For a total balance of less than $1 million<\/p><p>If the total balance was less than $1 million, you can report annually at the same time you lodge your SMSF annual return.<\/p><p><strong><span style=\"color: #12334d;\">FROM 01 JULY 2023<\/span><\/strong><\/p><p>All SMSFs will be required to report quarterly, even if the members\u2019 total super balance is less than $1 million, which means TWENTY-EIGHT (28) days after the end of the quarter in which the event occurs.<\/p><p><strong><span style=\"color: #12334d;\">CONSEQUENCES OF LATE REPORTING<\/span><\/strong><\/p><p>If an SMSF does not lodge a TBAR by the required date, the member\u2019s transfer balance account will be adversely affected:<\/p><p>They may need to commute more money to rectify any excess and pay excess transfer balance tax<br \/>An SMSF may be subject to compliance action and penalties if they fail to lodge or loge late<br \/>Noncompliance may result in denial of exempt current pension income (ECPI) claims.<\/p><p><strong><span style=\"color: #12334d;\">VALUING ASSETS FOR REPORTING<\/span><\/strong><\/p><p>In line with ATO valuation guidelines for SMSFs, the trustee may choose to use a reasonable estimate of the value of an income stream to meet their TBAR obligations. This usually occurs when the member starts a pension partway through the year.<\/p><p>The ATO expects that, as part of choosing to start a pension, an individual will have a reasonable estimate of the value of that pension. However, it may be wise to bring valuation practices forward in some instances.<\/p><p>If the trustee has used a reasonable estimate and the value of that income stream significantly changes, the trustee may correct the value initially reported to the ATO.<\/p><p><strong><span style=\"color: #12334d;\">RECORD KEEPING<\/span><\/strong><\/p><p>Trustees must ensure:<br \/>their TBAR reporting is true and correct<br \/>the commencement and commutation of retirement phase income streams are supported by contemporaneous fund records<br \/>payments to members have been correctly characterised at the time the payment was requested so trustees and auditors can ensure the minimum pension payment standards have been met (this is especially important where pension payments have been made from an income stream that has also been commuted in full or in part during the year)<br \/>their TBAR reporting for the commencement and commutation of retirement phase income streams also aligns with their ECPI claim for a year<br \/>relevant documentation is passed on to their auditor.<\/p><p><strong><span style=\"color: #12334d;\">AMENDED REPORTING<\/span><\/strong><\/p><p>TBAR re-reporting by SMSF trustees will be monitored. In addition, the ATO may request evidence of relevant documentation and calculations to substantiate any TBAR amendment.<\/p><p>We encouraged you to report early to avoid any possible penalties.<\/p><p>As always, we encourage you to contact the team at ROSATI WANG Super with any queries or comments you may have regarding this or any other SMSF audit issue.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2790f57 elementor-widget elementor-widget-heading\" data-id=\"2790f57\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\">Source: Australian Taxation Office (www.ato.gov.au)<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-cf59f5a\" data-id=\"cf59f5a\" data-element_type=\"column\" data-settings=\"{"background_background":"classic"}\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>ROSATI WANG Super – Self-managed superannuation fund audits Toggle navigation Home Workflow About Us Why Us Resources SMSF Byte Testimonials Contact Us Audit Dashboard Document Portal SMSF Reporting Obligations Titian Rosati – Jan 30, 2023 WHAT YOU NEED TO KNOW The ATO has released information on what events SMSF must report by specific dates and […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"blank","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-170","post","type-post","status-publish","format-standard","hentry","category-rosati-super"],"_links":{"self":[{"href":"https:\/\/rosatiwangsuper.com.au\/blog\/wp-json\/wp\/v2\/posts\/170","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rosatiwangsuper.com.au\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rosatiwangsuper.com.au\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rosatiwangsuper.com.au\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/rosatiwangsuper.com.au\/blog\/wp-json\/wp\/v2\/comments?post=170"}],"version-history":[{"count":24,"href":"https:\/\/rosatiwangsuper.com.au\/blog\/wp-json\/wp\/v2\/posts\/170\/revisions"}],"predecessor-version":[{"id":720,"href":"https:\/\/rosatiwangsuper.com.au\/blog\/wp-json\/wp\/v2\/posts\/170\/revisions\/720"}],"wp:attachment":[{"href":"https:\/\/rosatiwangsuper.com.au\/blog\/wp-json\/wp\/v2\/media?parent=170"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rosatiwangsuper.com.au\/blog\/wp-json\/wp\/v2\/categories?post=170"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rosatiwangsuper.com.au\/blog\/wp-json\/wp\/v2\/tags?post=170"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}