HFB Super – End Of Financial Year Summary
Transfer Balance Account Reporting (TBAR)
Events that need to be reported are:
- Details of any new retirement phase pensions (value and type)
- Details of any death benefit income streams
- Details of lump sum payments from your income stream
What is not reported:
- Pension payments
- Investment earnings / losses
- When a pension account ceases because all monies have been exhausted
- Death of a member
TBAR: When do you have to report:
Super Balance Less than $1m – when the annual return is due for lodgement*
Super Balance More than $1m – 28 days after the end of the quarter in which the event occurs
It is expected that all reporting will become at least quarterly, including where a Super Balance is less than $1m, which is why the real-time processing is essential in ensuring your Fund is compliant. Where we have the information, we have been reporting all events on a quarterly basis, irrespective of the Total Superannuation Balance.
*All members balances must be under $1m in order to fall under the annual reporting regime.