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Transfer Balance Account Report functionality to be released in SuperMate

Oct 9, 2017, 10:05 AM

The October 2017 release of SuperMate (4.2.2) will include a Transfer Balance Account Report (TBAR) option. This TBAR option will generate a data file that can then be lodged using the business portal or the Tax Agent portal. This option of generating a data file to be uploaded to the portal will allow multiple member data records to be lodged. In SuperMate you will be able to generate the data file across all funds or a list of selected funds.

The other two reporting channels, paper form (available now from the ATO’s website) and via the ATO’s online services (not available until 1 January 2018), will only allow for lodgement of one event per member in a single TBAR. For these two options, if you have multiple reportable events, members or accounts, you must complete a separate report for each event, member and/or account.

You can run the TBAR data file report function in ‘test’ mode to check for any errors, prior to generating the data file to be uploaded to the portal.

SuperMate already includes data fields for each member of the SMSF to record the various events that are required to be reported via the TBAR. Where such an event occurs in relation to a member of the SMSF, SuperMate will generate and record the information on the member’s Transfer Balance Account (TBA) data screen. This information will then be used to generate the TBAR data file.

You can also manually enter data for TBA events in respect of pensions held by the SMSF member in other funds. This means that SuperMate becomes the ‘source of truth’ in respect of a member’s TBA.

Each TBA event will have a TBAR status so you can ascertain whether the event is waiting to be included in the next TBAR data file sweep; has been included in a TBAR generated data file; or, in the case of a manually entered TBAR event (reported by another super fund) is not to be reported. You will also be able to cancel a previously lodged TBAR and lodge a replacement TBAR, with the relevant status showing on the member’s TBA screen.

Whilst SMSFs will have a transitional reporting period, which is yet to be confirmed, it is a benefit to ensure that the TBAR is lodged as soon as possible, not just by the due date. Where a person exceeds their TBC, early reporting of the TBAR will limit the amount of notional earnings calculated, which is subject to tax at 15% or 30%, depending upon whether it is a person’s first or subsequent breach of their TBC. The SuperMate TBAR functionality allows for regular, timely reporting, reducing manual data entry time of the other two reporting options.

Details of pensions and accumulation accounts held by an SMSF member in other funds, that can be entered into SuperMate, also assist with calculation of contribution caps that depend on the member’s Total Superannuation Balance (TSB) as at 30 June of the prior year. For example, Cynthia, age 48, has an SMSF. The value of her accumulation interest in the SMSF at 30 June 2017 is $1,219,770. Based on this alone, her maximum non-concessional cap for 2017/18 is $300,000. However, Cynthia also has an accumulation interest in an industry superannuation fund, with a balance of $200,000 as at 30 June 2017. This makes her TSB at 30 June 2017 $1,419,770, which means her maximum non-concessional contribution cap for 2017/18 is $200,000, not $300,000. By being able to enter the information for the other fund into SuperMate for Cynthia, the system’s calculation of her maximum non-concessional cap will be correct and will not lead to an excess contribution amount. This will also be reflected in ViewSuper, the online portal for trustees and advisers, that comes included in the subscription for SuperMate.