ROSATI WANG Super - Self-managed superannuation fund audits<\/title>\n\t\n\t<link href=\"https:\/\/sa-digital.com.au\/rosati\/assets\/css\/font-awesome.min.css\" rel=\"stylesheet\" \/>\n\t<link href=\"https:\/\/sa-digital.com.au\/rosati\/assets\/css\/flaticon.css\" rel=\"stylesheet\" \/>\n\t<link href=\"https:\/\/sa-digital.com.au\/rosati\/assets\/css\/bootstrap.min.css\" rel=\"stylesheet\" \/>\n\t<link href=\"https:\/\/sa-digital.com.au\/rosati\/assets\/css\/animate.css\" rel=\"stylesheet\" \/>\n\t<link href=\"https:\/\/sa-digital.com.au\/rosati\/assets\/css\/owl.carousel.css\" rel=\"stylesheet\" \/>\n\t<link href=\"https:\/\/sa-digital.com.au\/rosati\/assets\/css\/owl.theme.css\" rel=\"stylesheet\" \/>\n\t<link href=\"https:\/\/sa-digital.com.au\/rosati\/assets\/css\/slick.css\" rel=\"stylesheet\" \/>\n\t<link href=\"https:\/\/sa-digital.com.au\/rosati\/assets\/css\/slick-theme.css\" rel=\"stylesheet\" \/>\n\t<link 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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-9b32429 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9b32429\" 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-857477c\" data-id=\"857477c\" 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-2ee2da6 elementor-widget elementor-widget-heading\" data-id=\"2ee2da6\" 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\">Correcting a reported TBA event<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6726659 elementor-widget elementor-widget-text-editor\" data-id=\"6726659\" 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 – August 15, 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-008d2a9 elementor-widget elementor-widget-text-editor\" data-id=\"008d2a9\" 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>In a recent update to the ATO website (QC 57301), the ATO reminds fund trustees that there are essential steps to follow when they are amending a transfer balance account reporting (TBAR) or responding to the ATO Commissioner\u2019s commutation authority (CCA).<\/p><p><strong><span style=\"color: #12334d;\">CORRECTING A PREVIOUSLY LODGED TBAR<\/span><\/strong><\/p><p>If an SMSF discovers that a previously lodged TBAR included incorrect data, it will need to cancel the original reported event. If necessary, they will then need to lodge a second transfer balance account (TBA) report with the correct information. The SMSF cannot amend a previously lodged TBAR. It must be cancelled, and then a new TBAR must be lodged.<\/p><p>To cancel the original event:<\/p><ul><li>lodge a new form exactly how you initially reported it (including the incorrectly reported information); and<\/li><li>use the additional field (Question 5, Section B: Cancellation on the paper TBAR form) to indicate the form is being lodged as a cancellation of a previous form.<\/li><\/ul><p>This enables the ATO to match the SMSF\u2019s cancellation request to the original lodgment.<\/p><p>After the cancellation TBAR form has been lodged, the SMSF can then lodge a new TBAR for the TBA event with the correct information.<\/p><p><strong><span style=\"color: #12334d;\">RESPONDING TO A COMMUTATION AUTHORITY<\/span><\/strong><\/p><p>A commutation is a notice issued by the Commissioner of Taxation to an SMSF when:<\/p><ul><li>an SMSF member has exceeded their transfer balance cap, and<\/li><li>the ATO has sent them an excess transfer balance determination, and<\/li><\/ul><p>they have either <\/p><ul><li style=\"list-style-type: none;\"><ul><li>not commuted the excess amount in the determination in full by the due date, or<\/li><li>made an election for the ATO to send a commutation authority to their fund to have the excess amount commuted.<\/li><\/ul><\/li><\/ul><p>Where an SMSF is issued with a commutation authority concerning a member, it must by the due date, being within sixty (60) days of the issue date:<\/p><ul><li>pay a superannuation lump sum by way of commutation (the commutation authority will detail the amount that must be commuted from a specified income stream for the SMSF member), or<\/li><li>choose not to comply with the commutation authority because the member is deceased or because the ATO issued it in relation to an income stream that is a capped defined benefit income stream.<\/li><\/ul><p>The SMSF must also:<\/p><ul><li>send the ATO a TBAR reporting the details of the commutation or why the SMSF has chosen not to comply with the commutation authority; and<\/li><li>notify the SMSF member in writing that it has either complied or not complied with a commutation authority.<\/li><\/ul><p>When completing the TBAR to report the action taken by the SMSF trustee in response to the commutation authority, the fund will record that they are responding to a commissioner\u2019s commutation authority (CCA). In the paper form of the TBAR, this is answered at question 11 by checking the box next to the option \u201cA response to a commutation authority\u201d.<\/p><p>The ATO update also reminds trustees to report one of the following events in response to the commissioner\u2019s commutation authority (CCA):<\/p><ul><li>complied with commuted in full (CC1)<\/li><li>complied with commuted in part (CC2)<\/li><li>not complied with as the member is deceased (CC3)<\/li><li>not complied with as the income stream is defined benefit (CC4)<\/li><\/ul><p>In the paper TBAR, the above options are listed in question 12.<\/p><p><strong>IMPORTANT:<\/strong> If the SMSF does not respond to the CCA or tell the ATO why they have not done so, the relevant SMSF member\u2019s income stream will no longer be considered in retirement phase. Assets supporting income streams not in retirement phase are not eligible for exempt current pension income (ECPI).<\/p><p>If the event is reported as \u2018commuted in part\u2019 due to exhausting amounts in the account, you will need to report the account as closed on the TBAR. In the paper form of the TBAR, this is advised in question 21. This will notify the ATO that there are no additional funds.<\/p><p><strong><span style=\"color: #12334d;\">WE’RE HERE TO HELP!<\/span><\/strong><\/p><p>If you have any issues, questions or feedback regarding our monthly SMSF Bulletin or if you’d like clarification or further advice on the content of this month’s edition or any other SMSF audit concern – don’t hesitate to reach out to me at +61 416 123 446 or trosati@rosatiwang.com.<\/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-993ff5a elementor-widget elementor-widget-heading\" data-id=\"993ff5a\" 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-small\">Source: ATO Website<\/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-5e9b427\" data-id=\"5e9b427\" 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 Correcting a reported TBA event Titian Rosati – August 15, 2023 WHAT YOU NEED TO KNOW In a recent update to the ATO website (QC 57301), the ATO reminds […]<\/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-590","post","type-post","status-publish","format-standard","hentry","category-rosati-super"],"_links":{"self":[{"href":"https:\/\/rosatiwangsuper.com.au\/blog\/wp-json\/wp\/v2\/posts\/590","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=590"}],"version-history":[{"count":16,"href":"https:\/\/rosatiwangsuper.com.au\/blog\/wp-json\/wp\/v2\/posts\/590\/revisions"}],"predecessor-version":[{"id":696,"href":"https:\/\/rosatiwangsuper.com.au\/blog\/wp-json\/wp\/v2\/posts\/590\/revisions\/696"}],"wp:attachment":[{"href":"https:\/\/rosatiwangsuper.com.au\/blog\/wp-json\/wp\/v2\/media?parent=590"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rosatiwangsuper.com.au\/blog\/wp-json\/wp\/v2\/categories?post=590"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rosatiwangsuper.com.au\/blog\/wp-json\/wp\/v2\/tags?post=590"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}

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\n\t\t\t\t\t\n\n\n\tROSATI WANG Super - Self-managed superannuation fund audits<\/title>\n\t\n\t<link href=\"https:\/\/sa-digital.com.au\/rosati\/assets\/css\/font-awesome.min.css\" rel=\"stylesheet\" \/>\n\t<link href=\"https:\/\/sa-digital.com.au\/rosati\/assets\/css\/flaticon.css\" rel=\"stylesheet\" \/>\n\t<link href=\"https:\/\/sa-digital.com.au\/rosati\/assets\/css\/bootstrap.min.css\" rel=\"stylesheet\" \/>\n\t<link href=\"https:\/\/sa-digital.com.au\/rosati\/assets\/css\/animate.css\" rel=\"stylesheet\" \/>\n\t<link href=\"https:\/\/sa-digital.com.au\/rosati\/assets\/css\/owl.carousel.css\" rel=\"stylesheet\" \/>\n\t<link href=\"https:\/\/sa-digital.com.au\/rosati\/assets\/css\/owl.theme.css\" rel=\"stylesheet\" \/>\n\t<link href=\"https:\/\/sa-digital.com.au\/rosati\/assets\/css\/slick.css\" rel=\"stylesheet\" \/>\n\t<link href=\"https:\/\/sa-digital.com.au\/rosati\/assets\/css\/slick-theme.css\" rel=\"stylesheet\" \/>\n\t<link 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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-9b32429 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9b32429\" 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-857477c\" data-id=\"857477c\" 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-2ee2da6 elementor-widget elementor-widget-heading\" data-id=\"2ee2da6\" 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\">Correcting a reported TBA event<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6726659 elementor-widget elementor-widget-text-editor\" data-id=\"6726659\" 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 – August 15, 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-008d2a9 elementor-widget elementor-widget-text-editor\" data-id=\"008d2a9\" 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>In a recent update to the ATO website (QC 57301), the ATO reminds fund trustees that there are essential steps to follow when they are amending a transfer balance account reporting (TBAR) or responding to the ATO Commissioner\u2019s commutation authority (CCA).<\/p><p><strong><span style=\"color: #12334d;\">CORRECTING A PREVIOUSLY LODGED TBAR<\/span><\/strong><\/p><p>If an SMSF discovers that a previously lodged TBAR included incorrect data, it will need to cancel the original reported event. If necessary, they will then need to lodge a second transfer balance account (TBA) report with the correct information. The SMSF cannot amend a previously lodged TBAR. It must be cancelled, and then a new TBAR must be lodged.<\/p><p>To cancel the original event:<\/p><ul><li>lodge a new form exactly how you initially reported it (including the incorrectly reported information); and<\/li><li>use the additional field (Question 5, Section B: Cancellation on the paper TBAR form) to indicate the form is being lodged as a cancellation of a previous form.<\/li><\/ul><p>This enables the ATO to match the SMSF\u2019s cancellation request to the original lodgment.<\/p><p>After the cancellation TBAR form has been lodged, the SMSF can then lodge a new TBAR for the TBA event with the correct information.<\/p><p><strong><span style=\"color: #12334d;\">RESPONDING TO A COMMUTATION AUTHORITY<\/span><\/strong><\/p><p>A commutation is a notice issued by the Commissioner of Taxation to an SMSF when:<\/p><ul><li>an SMSF member has exceeded their transfer balance cap, and<\/li><li>the ATO has sent them an excess transfer balance determination, and<\/li><\/ul><p>they have either <\/p><ul><li style=\"list-style-type: none;\"><ul><li>not commuted the excess amount in the determination in full by the due date, or<\/li><li>made an election for the ATO to send a commutation authority to their fund to have the excess amount commuted.<\/li><\/ul><\/li><\/ul><p>Where an SMSF is issued with a commutation authority concerning a member, it must by the due date, being within sixty (60) days of the issue date:<\/p><ul><li>pay a superannuation lump sum by way of commutation (the commutation authority will detail the amount that must be commuted from a specified income stream for the SMSF member), or<\/li><li>choose not to comply with the commutation authority because the member is deceased or because the ATO issued it in relation to an income stream that is a capped defined benefit income stream.<\/li><\/ul><p>The SMSF must also:<\/p><ul><li>send the ATO a TBAR reporting the details of the commutation or why the SMSF has chosen not to comply with the commutation authority; and<\/li><li>notify the SMSF member in writing that it has either complied or not complied with a commutation authority.<\/li><\/ul><p>When completing the TBAR to report the action taken by the SMSF trustee in response to the commutation authority, the fund will record that they are responding to a commissioner\u2019s commutation authority (CCA). In the paper form of the TBAR, this is answered at question 11 by checking the box next to the option \u201cA response to a commutation authority\u201d.<\/p><p>The ATO update also reminds trustees to report one of the following events in response to the commissioner\u2019s commutation authority (CCA):<\/p><ul><li>complied with commuted in full (CC1)<\/li><li>complied with commuted in part (CC2)<\/li><li>not complied with as the member is deceased (CC3)<\/li><li>not complied with as the income stream is defined benefit (CC4)<\/li><\/ul><p>In the paper TBAR, the above options are listed in question 12.<\/p><p><strong>IMPORTANT:<\/strong> If the SMSF does not respond to the CCA or tell the ATO why they have not done so, the relevant SMSF member\u2019s income stream will no longer be considered in retirement phase. Assets supporting income streams not in retirement phase are not eligible for exempt current pension income (ECPI).<\/p><p>If the event is reported as \u2018commuted in part\u2019 due to exhausting amounts in the account, you will need to report the account as closed on the TBAR. In the paper form of the TBAR, this is advised in question 21. This will notify the ATO that there are no additional funds.<\/p><p><strong><span style=\"color: #12334d;\">WE’RE HERE TO HELP!<\/span><\/strong><\/p><p>If you have any issues, questions or feedback regarding our monthly SMSF Bulletin or if you’d like clarification or further advice on the content of this month’s edition or any other SMSF audit concern – don’t hesitate to reach out to me at +61 416 123 446 or trosati@rosatiwang.com.<\/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-993ff5a elementor-widget elementor-widget-heading\" data-id=\"993ff5a\" 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-small\">Source: ATO Website<\/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-5e9b427\" data-id=\"5e9b427\" 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 Correcting a reported TBA event Titian Rosati – August 15, 2023 WHAT YOU NEED TO KNOW In a recent update to the ATO website (QC 57301), the ATO reminds […]<\/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-590","post","type-post","status-publish","format-standard","hentry","category-rosati-super"],"_links":{"self":[{"href":"https:\/\/rosatiwangsuper.com.au\/blog\/wp-json\/wp\/v2\/posts\/590","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=590"}],"version-history":[{"count":16,"href":"https:\/\/rosatiwangsuper.com.au\/blog\/wp-json\/wp\/v2\/posts\/590\/revisions"}],"predecessor-version":[{"id":696,"href":"https:\/\/rosatiwangsuper.com.au\/blog\/wp-json\/wp\/v2\/posts\/590\/revisions\/696"}],"wp:attachment":[{"href":"https:\/\/rosatiwangsuper.com.au\/blog\/wp-json\/wp\/v2\/media?parent=590"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rosatiwangsuper.com.au\/blog\/wp-json\/wp\/v2\/categories?post=590"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rosatiwangsuper.com.au\/blog\/wp-json\/wp\/v2\/tags?post=590"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}