Self-managed super funds (SMSF) may be required to lodge a transfer balance account (TBA) report by 28 July 2020 in the case of a TBA event. A TBA report will need to be lodged with the ATO in the event that both of the following apply: A TBA event occurred in a member’s SMSF between 1 April and 30 June 2020, Any member of the SMSF has a total super balance greater than $1 million. SMSFs will also need to complete this report when a member needs to correct information about a TBA event that they have previously reported to the ATO or are responding to a commutation authority. According to the ATO, an event is classified as a TBA event if they result in credit or debit in a member’s transfer balance account. Such events include: Super income streams in existence just before 1 July 2017 that both continue to be paid on or after 1 July 2017, or were in retirement phase on or after 1 July 2017, Super income streams that stop being in retirement phase, Limited recourse borrowing arrangements (LRBA) payments entered into on or after 1 July 2017, LRBA payments resulting in an increase in … Continue reading Do you need to lodge a transfer balance account report?