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Overview


Fund vs Global lodgement

This help article will look at lodging the TBAR at a fund level. You can tell if you will be lodging a TBAR at a fund level by looking at the Fund View / Global View toggle in the top right corner:

As the toggle is currently selecting the Fund View option, this means that TBARs will be lodged for the currently selected fund.

To lodge TBARs on a global level, please refer to TBAR Management.

Review Transfer Balance Cap ($1.6 million) for more information on the super reform changes made. 

The Transfer Balance Dashboard helps you track the net amounts that have been transferred into transfer balance account for each member. Users also have the ability to add manual adjustments where required.

The policy intent of the transfer balance cap is achieved by using the structure of a transfer balance account. The transfer balance account operates in a similar way to a bank account balance or the balance of a general account ledger.

The amounts an individual transfers to the retirement phase give rise to a credit (increase) in their transfer balance account.

Similarly, certain transfers out of the retirement phase give rise to a debit (decrease) in the individual’s transfer balance account. The balance in an individual’s transfer balance account (their transfer balance) at a particular time is determined by looking at the sum of credits in the account at that time less the sum of any debits in the account at that time. 

Summary of Debit Events

Summary of Credit Events

Commutations

Superannuation income streams on 30 June 2017

Structured settlement contributions e.g. compensations or damages

Reversionary income streams commenced between 1 July 2016 and 30 June 2017

Family law payment splits e.g. split payments due to divorce or relationship breakdown

Superannuation income streams commenced on or after 1 July 2017

Losses due to fraud and Void transactions under the Bankruptcy Act 1966

Reversionary income streams commenced on or after 1 July 2017

Superannuation income streams that cease to be in the retirement phase

Excess transfer balance earnings

Superannuation income streams that fail to comply with the standards

Death benefit income streams generally

Write off of excess transfer balance where excess cannot be reduced

Capped defined benefit income streams credits generally

Capped defined benefit income streams generally

 

Refer to the Law Companion 2016/9 for more examples.

Navigation


From the Main Toolbar, go to Member.

Select Transfer balance dashboard from the list.

Financial Year


The dashboard will display data for funds which are in the 2017/2018 Financial Year and onwards.

Close period

For the TBAR balances to appear, the 2016/2017 Financial year period will need to be closed to allow the Transfer Balance Dashboard to pull through the member pension balances.

 

Simple Fund 360 will display the pension balance for any active member with a pension balance to show whether the member has exceeded the $1.6 million cap.

The balance is the total pension balance for the member in the selected fund only.

A list of transactions affecting the balance cap will also display for each member.

Any transaction generated by the system cannot be edited or deleted.

Transactions posted from the Transactions screen from 01 July 2017 affecting the transfer balance account will display on the dashboard.

Transactions that will automatically be added to the dashboard:

Account CodeTransaction Type

Event Type

48100Division 293MCO
57100Commutation (To Accumulation)

MCO

CC1

STO

46000 (from 1/7/2017 account 46000 is used)Commutation (Cash Out)

MCO

CC1

STO

56100Pension Commencement

SIS

IRS

46000Lump Sum/Rollover (Pension)

MCO

CC1

If you need to delete any of these transactions, you will need to delete them from the Transactions screen as removing them from the dashboard will not update or delete them from the Transactions screen.

Deleting any of these transactions from the Transactions screen will remove the transactions from the Transfer Balance Dashboard.

See Adding an Adjustment if you need to add any adjustment that affects the transfer balance account, for example, transactions in funds outside of Simple Fund 360.

Editing or Deleting a Transaction from the Transfer Balance Dashboard


Editing or deleting a transaction from the dashboard will not update the transaction if it was posted in the Transactions screen.

This will update the balance on the dashboard and the Transfer Balance Account Report.

If you need to update the Event Type, you can do this from the dashboard.

ButtonDetails

Select Edit next to the transaction you wish to change and make the necessary amendments.

Note: System generated transactions cannot be edited.

Select to save the changes.
Select to discard any changes made.

Select to remove the transaction from the dashboard.

Note: System generated transactions cannot be deleted

 

TBA Settings:

Selecting TBA Settings will allow you to record the Declaration Date of the signatory and input a Member Account Number and Client Identifier. These fields will overwrite the SF 360 MEMBERCODE on the TBAR form.

 

Event Types


For a list of supported TBAR event types in Simple Fund 360, please refer to Event Types for Transfer Balance Account Reporting.

Adding an Adjustment


Adjust the current balance of each member if required. For example, if the member has a balance in another fund.

Select Add Adjustment to input any adjustment.

Field

Information

Date

Input the date of the adjustment.

Transaction Type

Input a description for the transaction.

Member Account Code

Select the member account from the list.

Event Type

Select the relevant event type from the list.

Debit/Credit

Input an amount to debit (decrease) or credit (increase) the balance account.

Select to confirm the transaction.

Select to cancel the transaction.

Balance

The current balance of the member.

Cap Limit

The balance cap limit of the member.

Remaining Cap

The amount left before the cap is reached.

Select to modify a transaction.

Note: System generated transactions cannot be edited.

Select to delete a transaction.

Note: System generated transactions cannot be deleted. If you have entered any new transaction during the year and you wish to delete them, you will need to delete them from the Transactions screen. Deleting the transactions from the dashboard, will not remove them from the Transactions screen.

Preparing the TBAR


Prerequisites:

  • Fund must be in 2018 financial year onward;
  • TBA event must be recorded prior to report preparation.

TBARs for events can be obtained from the Transfer Balance Dashboard.

Up to FOUR events (except for Child Pensions) for the one member can be printed and lodged on the one form. Events for different members cannot be added to the one form.


From the Main Toolbar, go to Member.

Select Transfer balance dashboard from the list.

  1. From the Transfer Balance Dashboard, select the member account in which the event occurred. This will expand the list of member events for the year. 





  2. You can select up to FOUR events for a member to report on one form. Select the checkboxes to the left of the events to include on the report and when added select the print icon in the top right corner. 



    Select the Print icon to prepare the TBAR form where you have more than one event selected for a member. 



  3. A new tab will open containing the TBAR Report Settings. Select a declaration signatory, a date of declaration and the events selected can be ordered by dragging and dropping them from top to bottom. Select Print to prepare the form. 




  4. Alternatively to prepare individual events, in the far right column, select Download PDF to generate the TBAR.



  5. The TBAR will open in a new tab. The TBAR will prefill based on the event information.

    Declaration Date

    The date recorded under Declaration Date will only appear in Section G of the prepared TBAR if the Trustee form declaration option is selected.  

Transfer Balance Account (TBA) Settings


You are able to edit the following details of the generated TBAR form:

  1. Form declaration;
    1. Person/entity making the lodgement:
      1. Lodging party
      2. Trustee
      3. Other Representative)
    2. Declaration date

  2. External Member Code / Client Identifier

To change these settings, click the TBA Settings button:

 

 

 

ATO Lodgement


The Transfer Balance Account Report PDF file generated by Simple Fund 360 can be lodged:

  • Online via the Tax Agent Portal
  • By Mail

Trustee lodgement

Please refer to Trustee TBAR Lodgement for more details on lodging the TBAR if you do not have access to either the Tax Agent Portal or Business Portal.

 

Online lodgement via the Tax Agent Portal

Prerequisites

Please ensure that you have set up your Tax Agent Portal to allow lodgement of TBAR files. This will allow you to lodge the PDF files generated by Simple Fund 360 through your Tax Agent Portal.


The PDF file generated by Simple Fund 360 is able to be lodged online using the Tax Agent Portal's "Mail" system.

Please refer to the instructions below on how to do this.

  1. Login to the Tax Agent Portal.
  2. Select the client you wish to lodge the Transfer Balance Account Report for from your Client account list
  3. From the left navigation bar, select New Message under Mail.
  4. From the list of topics, select Superannuation.
  5. Select Lodgment - Transfer Balance Account Report then click Next.
  6. Select the client you are lodging for then click Next.
  7. Enter in an appropriate description of the report being lodged and for which fund in the Message text field.
    Next to Attachments, click Add.
  8. Click Choose File and select the Transfer Balance Account Report PDF generated by Simple Fund 360.
    Once the file is selected, click Attach then Next.
  9. You will be asked to confirm the details of the message being sent and your tax agent contact details.

  10. Click Send to declare that the information in the message is correct and that you are authorised to make the declaration.

  11. You will be provided a receipt number for the sent message for your records.

 

Mail

The TBAR can be prepared using Simple Fund 360 and lodged as per the TBAR instructions. 

Refer to ato.gov.au/tbar-instructions to locate the paper report and instructions on how to lodge.