Mclowd software offers a range of automation tools for managing TBAR events and their associated reporting status.
NOTE: This feature is part of the Mclowd Trustee Pro Version. To upgrade to the Pro Version, log in to you Mclowd Account and click the UPGRADE button in the top right corner.
By using the Mclowd TBAR functions, you can reliably track TBAR events and lodgements made by any of the authorised Intermediaries, ensuring that member balances are properly tracked and the ATO lodgements are completed in accordance with legal requirements.
As with any management system, Mclowd can only track assets listed in the Mclowd system.
If you have assets in multiple superannuation funds and/or with insurance companies, in trusts, etc. that may be counted under the TBAR legislation, Mclowd cannot ensure legislative compliance. You will need to manually add the values of relevant assets held outside the fund you are managing in Mclowd and use other methods to lodge notifications of events relating to assets held outside the fund you are managing in Mclowd. When lodging reports in Mclowd, you will need to manually calculate totals by adding relevant balances held in other entities and debits from or credits to accounts held in other entities.
TBAR Functions in Mclowd include:
- Calculation of member’s personal transfer balance cap
- Indexation of personal transfer balance cap in line with changes to the general transfer balance cap
- Monitoring of a member’s transfer balance account against the relevant debit and credit events and calculation of any excess transfer balance amount
- Calculation of daily notional earnings when the transfer balance cap has been exceeded
- Monitoring member’s Total Superannuation Balance
- Generation of the TBAR event file to be lodged via the ATO portals (Business Portal or Tax Agent Portal)
- Cancellation of a member event record where errors were made in reporting to the ATO
Mclowd does not support:
- Management of Capped defined benefit income streams
- Calculation of Excess Transfer Balance Tax (the ATO will perform this assessment)
- Lodgement via the Practitioner Lodgement Service (PLS) Standard Business Reporting format. This is not expected to be enabled by the ATO until circa Sept 2018.
To access Mclowd’s TBAR Reporting functions, click the TBAR tab (available to Trustees only in the Pro Edition – refer to the PRO column at https://www.mclowd.com/plans-pricing/)
Mclowd displays the TBAR Button Menu, with buttons to allow you to:
- View TBAR Events and their associated reporting status
- Add a TBAR Event (Manually add new events to a member’s transfer balance account)
- Generate a TBAR file for lodgement with the ATO
- View TBAR files – to view previously generated files
- Manage Intermediaries (Add, Edit or Delete Intermediary information)
The first step in recording your first TBAR event is to set up Intermediaries.
NOTE: You cannot add an event without first entering an Intermediary.