Overview
To prepare TBARs on a global level, please refer to the help on TBAR Management.
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.
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Summary of Debit Events |
Summary of Credit Events |
|---|---|
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Commutations |
Superannuation income streams on 30 June 2017 |
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Structured settlement contributions e.g. compensations or damages |
Reversionary income streams commenced between 1 July 2016 and 30 June 2017 |
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Family law payment splits e.g. split payments due to divorce or relationship breakdown |
Superannuation income streams commenced on or after 1 July 2017 |
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Losses due to fraud and Void transactions under the Bankruptcy Act 1966 |
Reversionary income streams commenced on or after 1 July 2017 |
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Superannuation income streams that cease to be in the retirement phase |
Excess transfer balance earnings |
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Superannuation income streams that fail to comply with the standards |
Death benefit income streams generally |
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Write off of excess transfer balance where excess cannot be reduced |
Capped defined benefit income streams credits generally |
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Capped defined benefit income streams generally |
Refer to the Law Companion 2016/9 for more examples.
Navigation
| From the Main Toolbar, go to Member. |
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| Select Transfer Balance Dashboard from the list. |
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TBA & Events
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 transfer balance 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.
Transactions posted from the Transactions screen from 01 July 2017 affecting the transfer balance account will display on the dashboard.
Simple Fund 360 will automatically create events for the following Transactions:
| Account Code | Transaction Type | |
|---|---|---|
| 48100 | Division 293 | MCO |
| 57100 | Commutation (To Accumulation) |
MCO CC1 STO |
| 46000 (from 1/7/2017 account 46000 is used) | Commutation (Cash Out) |
MCO CC1 STO |
| 56100 | Pension Commencement |
SIS IRS |
| 46000 | Lump 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.
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.
| Button | Details |
|---|---|
| |
Select Edit next to the transaction you wish to change and make the necessary amendments. Note: System generated transactions cannot be edited. |
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Select to save the changes. |
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Select to discard any changes made. |
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Select to remove the transaction from the dashboard. Note: System generated transactions cannot be deleted |
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.
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.
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Field |
Information |
|---|---|
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Entry Date |
Input the date of the adjustment. |
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Transaction Type |
Input a description for the transaction. |
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Member Account Code |
Select the member account from the list. |
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Event Type |
Select the relevant event type from the list. |
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Debit/Credit |
Input an amount to debit (decrease) or credit (increase) the balance account. |
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Select to confirm the transaction. |
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Select to cancel the transaction. |
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Balance |
The current balance of the member. |
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Cap Limit |
The balance cap limit of the member. |
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Remaining Cap |
The amount left before the cap is reached. |
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Select to modify a transaction. Note: System generated transactions cannot be edited. |
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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. |
Please note the Entry Date must be within the current financial year, otherwise an error message will appear.
Adding External Total Super Balance (TSB)
To add an External TSB, please follow the instruction in this linked article: Recording Total Super Balance (TSB) for accumulation members
Event Types
For a list of supported TBAR event types in Simple Fund 360, please refer to Event Types for Transfer Balance Account Reporting.
Transfer Balance Account from other funds
Stay on top of fund members' Transfer Balance Account (TBA) balance across all funds in your Simple Fund 360 database.
If an individual is a member of multiple SMSFs across your firm's Simple Fund 360 subscription, the balance of their TBA in other funds displays as an entry in the Transfer Balance Dashboard.
Note - TBAR Balance from other funds
Please note that this entry will only display when the relevant funds have been rolled over to the required financial year.
For example:
- Fund A is in the 2022 FY.
- The entries for Fund A will not appear on ANY 2023 dashboard.
- For Fund A's entries to display, the fund needs to be rolled over to the 2023 FY.
Member in both accumulation and pension phase in multiple funds
For individuals that are members of multiple funds in both accumulation phase and pension phase, the "TBAR Balance from other funds" event will only be visible in the Transfer Balance Account Dashboard of the fund(s) where the member is in pension phase.
Example:
John Jones is in the following funds:
- Fund ABC as accumulation member
- Fund XYZ as a pension member
The Transfer Balance Dashboard has been updated to display and support members that are in Accumulation phase. This will provide you with the ability to track and record a member's Total Super Balance(TSB).
Prerequisites:
- The fund must be in 2018 financial year onward;
- TBA events 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 pdf form. Events for different members cannot be added to the one form.
| From the Main Toolbar, go to Member. |
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| Select Transfer Balance Dashboard from the list. |
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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 (except for Child Pensions) 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.
3. Select the Print icon to prepare the TBAR form where you have more than one event selected for a member.
4. 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.
5. Alternatively to prepare individual events, in the far right column, select Download PDF to generate the TBAR.
6. The TBAR will open in a new tab. The TBAR will prefill based on the event information.
Declaration Date
This is an info block
The date recorded under Declaration Date will only appear in Section G of the prepared TBAR if the Trustee form declaration option is selected.
The Transfer Balance Account Report PDF file generated by Simple Fund 360 can be lodged:
- Online via the Tax Agent Portal
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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.
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.