The quarterly transfer balance account report (TBAR) for self-managed super funds (SMSFs) is due on 28 July 2021.
You are required to lodge the TBAR on behalf of clients by this date if:
- a transfer balance account (TBA) event occurred in your client’s SMSF between 1 April and 30 June 2021, and
- any member of the SMSF has a total super balance greater than $1 million.
The ATO is encouraging all SMSFs to report any event which occurred before 1 July 2021 with them as soon as possible to ensure that our calculation of a member’s personal transfer balance cap from 1 July 2021 is based on complete information and does not need to be reviewed.
To help you the ATO has extended the circumstances where SMSFs can use the reasonable estimate method to support their TBAR reporting and have updated web content to help individuals understand how the timing of reporting impacts how the ATO calculates your client’s personal transfer balance cap from 1 July 2021.
You are not required to lodge if no TBA event occurred during this time frame.