Quarterly TBAR lodgment Reminder

If you had Transfer Balance Account events in the last quarter you must lodge a TBAR by 28 April 2024.

Self-Managed Super Funds (SMSFs) must report certain events that affect members Transfer Balance Account (TBA) quarterly using Transfer Balance Account Reporting (TBAR). These events must be reported even if the member’s total superannuation balance is less than $1 million.

You must report and lodge within 28 days after the end of the quarter in which the event occurs. You are not required to lodge if no TBA event occurred during the quarter.

You should always refer to event-based reporting for SMSFs and the TBAR instructions when preparing your TBAR.

The easiest way to lodge is through Online services for business. Your tax agent can also lodge through their online services.

If your SMSF does not lodge a TBAR by the required date the member’s Transfer Balance Account may be adversely affected. The member may need to commute any amounts more than their cap and pay more in excess Transfer Balance Tax.

Prepare to lodge your SAR by 15 May

Appoint your auditor now to lodge your Annual Return by 15 May 2024.

Is your Self-Managed Super Fund (SMSF) Annual Return (SAR) for 2022–23 due 15 May 2024? You need to appoint an auditor no later than 45 days (1 April 2024) before lodgment to meet the May deadline.

In preparation for your lodgment, you also need to:

  • complete a market valuation of all your assets
  • prepare your fund’s financial statements
  • provide signed copies of documents to your auditor – so they can determine your financial position and your fund’s compliance with super laws.

Remember, if your SAR is more than two weeks overdue, and you haven’t contacted us, we will change the status of the SMSF on Super Fund Lookup to ‘Regulation details removed’. This status will remain until any overdue lodgments are brought up to date.

If you have a status of ‘Regulation details removed’, APRA funds will not be able to roll over member benefits and employers will not be able to make any super guarantee payments to the fund’s members.

If you’re having difficulty preparing your return, contact ATO or talk to a registered tax professional.

You can also visit ATO’s SMSF support services for help.

Did you miss your lodgment due date?

Contact ATO or speak to your tax professional now if your 2023 SAR has not been lodged.

If you missed your Self-Managed Super Fund (SMSF) Annual Return (SAR) lodgment due date of 28 February, it is important to get on top of things now.

Your SMSF is required to lodge by 28 February if you are preparing the SAR yourself or if you registered your SMSF during the 2023 income year and you have a tax professional.

If you haven’t lodged your SAR and have not contacted us, then the compliance status of your SMSF will be changed on Super Fund Lookup. When your status is changed to ‘regulation details removed’, APRA funds will not be able to roll over member benefits and employers are recommended to not make employer contributions. This status will remain until your overdue lodgments are brought up to date.

If your fund does not have any assets, you need to either make a return not necessary request or cancel your fund’s registration if you no longer wish to have an SMSF.

ATO may also consider further compliance actions if your lodgments remain overdue.

If you’ve not lodged and you’re having difficulty preparing your return, contact ATO or talk to your registered tax professional about your options.

ASIC reaffirms ongoing registration obligation for financial advisers

ASIC has reminded AFS licensees and relevant providers of the importance of complying with their registration obligation on an ongoing basis.

From 16 February 2024, unregistered relevant providers who provide personal advice to retail clients in relation to relevant financial products, together with their AFS licensee(s), will be in breach of the law and face potential regulatory action.

Information Sheet 276 FAQs: Registration for relevant providers (INFO 276) sets out information about the registration requirement, including when a registration will cease.