The superannuation reform has brought with it a whole new regime and terminology that all have their own acronyms.

This includes the Transfer Balance Cap (TBC) that applies from the 1st July 2017.

The below summary provides some examples of some of the main events that will be required to be report:

  • Existing account based pensions at 01/07/2017
  • New pensions commenced from 01/07/2017
  • Death benefit pensions
  • Reversionary pensions (after the allowed 12 month period)
  • Full commutations (both back to accumulation and out of super)
  • Partial commutations
  • Family law payments, fraud and bankruptcy 

Event based reporting is not required until the 1st July 2018 however, all of the above events that occur at or after the 12st July 2017 will be required to be reported.

I suppose what is also important to note is also what is NOT required to be reported.

This includes but is not limited to the following:

  • Pension payments
  • Earnings
  • Death of a member

The due date for event based reporting is NOT the same for all Self Managed Superannuation Funds.

The key fact in the determination of the frequency of reporting is a members Total Superannuation Balance (TSB) at the 30th June 2017.

Where any members TSB at 30th June 2017 exceeds $1 million, the fund is required to report quarterly, by 28 days after the end of the quarter. 

However where no member within the SMSF has a TSB in excess of $1 million TBC reporting can be completed at the same time as the annual return of the Fund.

*Note: Where any one member has a balance in excess of $1 million the quarterly reporting requirements apply to the entire fund.

Should you require further information in relation to any of the above please contact our Super Team at CS Consulting Group.