LATEST ACCOUNTING NEWS
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Part 3 – Budget reminders. Under the Hood.
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September update of latest COVID-19 initiatives.
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Update of Superannuation contribution rules from July 1, 2020
Expats & COVID-19 Impacts on tax residency
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High Court rules in favour of employers on personal leave accruals
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In case you missed it – The company tax Bill that did pass Parliament.
GST spotlight headed to smaller end of town
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Guidance for SMSFs on transfer balance reporting
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Statistics for all Australians
Guidance for SMSFs on transfer balance reporting


       


 


The Australian Taxation Office has released further guidance on when SMSFs need to report events affecting their members’ transfer balance accounts (by making a transfer balance account report, or TBAR) for the purposes of the $1.6 million pension cap.


From 1 July 2018, SMSFs that have any members with a total superannuation balance of $1 million or more must report events impacting that member’s transfer balance account within 28 days after the end of the quarter in which the event occurs.


SMSFs where all members have total super balances of less than $1 million can choose to report events which impact their members’ transfer balances at the same time that the fund lodges its annual return.


The guidance also covers reporting requirements for retirement phase income streams and commutations (including commutation authorities).


 


 


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20th-August-2018
 
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