Due dates for TBAR reports

The ATO has also made life easier for SMSF trustees by relaxing the rules relating to the lodgement dates of TBAR reports.

For 2017/18 financial year, TBAR reports may be lodged at the same time as the 2017/18 fund return is lodged.  However, trustees are free to lodge TBAR reports at an earlier time if they so wish.

For 2018/19 and subsequent financial years the lodging dates will be:

• If the SMSF has one or more members’ whose total superannuation balance is $1m or more, then the trustee must lodge TBAR reports within 28 days of the end of the financial quarter in which the relevant TBAR event occurred.
• For all other SMSFs, the trustee must lodge TBAR reports for all TBAR events which occurred within the financial year when the annual fund return for the financial year is lodged.

Total superannuation balance is the total value of all superannuation interests of a member (whether in pension phase or in accumulation phase) and is measured immediately before the commencement of each financial year.  

In either case, SMSF trustees can lodge their TBAR reports before the due date if they so wish.  In many situations it may be wise for SMSF trustees to lodge their TBAR reports at the earliest possible time.