Superannuation excess transfer balance tax

Karthik Accario

• 21 August 2024 06:30
• Edited

Member paid superannuation excess transfer balance tax from super fund's bank account and how we can record these expenses in BGL 360? 
Please advise for BGL code with explanation.

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  Christopher Banks

  • 28 August 2024 00:08

  Hi Karthik,

  You can allocate the tax amounts to the 40500 member expenses account as there is no Excess Transfer balance tax account for the members.

  This article may also assist you when recording the TBAR event.
  Excess transfer balance determination.

  I hope the above answers your question and if there are any further questions please reply to let me know so I may assist further.

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