Funds that were paying a pension during 2018-19 will need to complete and lodge a Transfer Balance Account report with the ATO. The date of when you have to report depends on the size of your superannuation balance.

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.