08 Nov 2018 Event-based reporting for SMSFs
The event-based reporting (EBR) framework for SMSFs started on 1 July 2018. It enables the ATO to administer the transfer balance cap. You generally need to start reporting to the ATO, under the EBR framework, when your first member starts a retirement phase income stream.
The transfer balance account report (TBAR) is used to report certain events and is separate from the SMSF annual return (SAR). The TBAR enables the ATO to record and track an individual's balance for both their transfer balance cap and total superannuation balance.
There is no 'special circumstances' discretion for contraventions of the transfer balance cap and it is particularly important for all SMSF trustees and members to self-monitor and ensure that members do not exceed their transfer balance cap.
More information can be found in the links below:
- What and when to report
- How to report
- Commutation authorities for SMSFs
- Event-based reporting case studies.