Lodging transfer balance account reports (TBAR) and viewing transfer balance cap (TBC) information is now easier for tax agents but only where they are the tax agent for the individual member.
It has been a frustration for many tax agents that they have not been able to access online the TBC records for individual clients. This frustration has now been solved with new online ATO services available, but only for those persons who are the tax agent for the individual member. Unfortunately advisers for the client and accountants who act only as the tax agent for the self managed superannuation fund are still without access to this information, without the assistance of the client’s tax agent (or the client having a MyGov account).
Viewing Transfer Balance Cap Information
Tax agents can now view information about their individual client’s TBC, including:
- transfer balance and available cap space
- capped defined benefit balance
- all transactions processed and posted to your client’s transfer balance account
- information about an excess transfer balance determination
- information about a commutation authority
- any liability for excess transfer balance tax
To view TBC information in Online services for agents, select your client then “Super”, “Information” and “Transfer Balance Cap”.
Lodging an Electronic TBAR
For those accountants not using SMSF specific software, the new Online services also now offer the opportunity to lodge an electronic TBAR (eventually replacing the current spreadsheet option).
To lodge a TBAR in Online services for agents, select a client, then “Lodgement”, “Client forms” and “Transfer balance account report”.