1 In the May 2016 Budget it was announced that from 1 July 2017 the total amount of super that can be transferred into tax free retirement phase accounts will be capped at $1.6 million.The cap will be indexed in $100,000 increments in line with CPI annually.Tax free capped defined benefit income (CDB income) will be capped at $100,000. The legislative changes have received royal assent. This specification is to be used in the development of software for the lodgment of electronic Transfer Balance Account Report (TBAR). Providers would need to capture the necessary data from 1 July 2017 with reporting commencing from 1 October 2017, but cannont commence any later than 10 working days from the end of November 2017. This includes 30 June 17 values for accumulation phase value (APV) and retirement phase value (RPV). For the 2018 year APV,RPV and notional taxed contributions (NTC) should be reported just prior to the 2018 MCS. A provider will be required to report to the ATO suprannuation income streams for members who are receivieng an superannuation income stram immediately before 1 July 2017 or an income stream that commences on or after 1 July 2017. Reporting entities are also required to report commutation events. In addition where a superannuation provider or life insurance companies has reported an amount on a Member Contributions Statement or Self Managed Superannuation Fund annual return and it does not meet the requirements to calculate a member’s Total Superannuation Balance or Concessional contributions amount to meet legislative requirements, the provider is required to report this information in the TBAR. This reporting method will be available for all superannuation providers however; a population of users are expected to transition to other reporting options. This specification is not intended to, nor does it provide a to the relevant legislation. From the 2017-18 financial year onwards, providers and other organisations can lodge TBAR reports online using the business portal or the Tax agent portal. Lodging online will:
1 In the May 2016 Budget it was announced that from 1 July 2017 the total amount of super that can be transferred into tax free retirement phase accounts will be capped at $1.6 million.The cap will be indexed in $100,000 increments in line with CPI annually.Tax free capped defined benefit income (CDB income) will be capped at $100,000. The legislative changes have received royal assent. This specification is to be used in the development of software for the lodgment of electronic Transfer Balance Account Report (TBAR). Providers would need to capture the necessary data from 1 July 2017 with reporting commencing from 1 October 2017, but cannont commence any later than 10 working days from the end of November 2017. This includes 30 June 17 values for accumulation phase value (APV) and retirement phase value (RPV). For the 2018 year APV,RPV and notional taxed contributions (NTC) should be reported just prior to the 2018 MCS. A provider will be required to report to the ATO suprannuation income streams for members who are receivieng an superannuation income stram immediately before 1 July 2017 or an income stream that commences on or after 1 July 2017. Reporting entities are also required to report commutation events. In addition where a superannuation provider or life insurance companies has reported an amount on a Member Contributions Statement or Self Managed Superannuation Fund annual return and it does not meet the requirements to calculate a member’s Total Superannuation Balance or Concessional contributions amount to meet legislative requirements, the provider is required to report this information in the TBAR. This reporting method will be available for all superannuation providers however; a population of users are expected to transition to other reporting options. This specification is not intended to, nor does it provide a to the relevant legislation. From the 2017-18 financial year onwards, providers and other organisations can lodge TBAR reports online using the business portal or the Tax agent portal. Lodging online will:
20170728_TBAR_ERS_v1.0.1_clean_final.docx