One of the distinctive differences under the transfer balance cap rules with reversionary and non-reversionary is the timing of transfer balance account reporting (TBAR) of the income stream. For any new pension that commences where the pension does not automatically continue to the reversionary beneficiary, the benefit is required to be ‘cashed’ as soon as…
#TBARmaggedon has arrived… The first regular reporting date for transfer balance account (TBA) purposes occurs on 28 October 2018 for fund’s that need to report quarterly. This due date will require the fund to report ‘events’ from both: the 2017-18 financial year; and first quarter of 2018-19 financial year (July – September 2018). For SMSFs, transfer…
The super reforms from 1 July 2017 have introduced a range of new concepts for post-retirement, along with an obligation to report amounts being transferred into retirement phase so that it is assessed against each member’s $1.6 million transfer balance cap. The cap is designed to limit the amount of capital that can be…
The ATO has provided further information on the reporting in certain circumstances of a member’s Accumulation Phase Value within the Transfer Balance Account Report (TBAR). SMSFs will need to provide an accumulation phase value (APV) on a transfer balance account report (TBAR) for 30 June 2017 in certain circumstances. APV is a component of a…
The ATO have provided important updated guidance for recipients of Market-Linked Pensions (MLP) as a result of an unintended consequence in the legislation that provides a nil value on commutation of the capped defined benefit income stream. In some instances, members have commuted the MLP within a SMSF post 1 July 2017 for transfer balance…
