To add a TBAR event, click the TBAR tab and click ADD TBAR EVENTS button on the TBAR menu.
Mclowd displays the Transfer Balance Account Reporting Add TBAR Event screen.
Before you can add a TBAR event, you must set up at least one Intermediary to complete and lodge the report.
It is important to ensure data provided in a lodged TBAR is correct. SMSF Trustees may need professional help to understand the terminologies used and to correctly calculate amounts to declare when lodging a TBAR.
Refer to the TBAR Appendix for detailed explanations of each field and the various selection options available.
- Select the Member Account affected by this TBAR event.
- Select the Account Status. (Open or Closed)
For explanation of Account Status, refer to the TBAR Appendix.
- Enter the Effective Date for the event.
For help to establish the correct Effective Date, please refer to the TBAR Appendix.
- From the Event Code list, select the TBAR event you wish to report.
*For explanations of Event Codes, please refer to the TBAR Appendix: Event Types
- Enter the Amount.
For some events, the Amount may be the Account Balance. For most events, the Amount will be the amount by which the Member Account increased or decreased as a result of the TBAR event.
For help to determine the correct Amount for various event types, please refer to the TBAR Appendix.
It is vitally important that the Amount entered be calculated correctly. By lodging a TBAR with an incorrect amount, you may deprive a member of benefits to which he/she is entitled, OR you may commit a breach of law. Seek professional help if necessary.
Refer to the TBAR Appendix for further information about calculating the Amount.
- Depending on the Event type, Mclowd may require you to select the Member Account Type from the drop-down list.
(For a detailed explanation of the Member Account Types, please refer to the TBAR Appendix.)
NOTE: Member account type is not required for events of type LRB, NTC, or SSP. If one of these event types is selected, the Member Account Type field will be removed from the form.
- Select the Event Status (Manual or pending)
A PENDING EVENT is one for which you wish to use Mclowd’s file generation feature to create a completed report file for uploading to the ATO website. In addition to the data entered on the Add TBAR Event form, Mclowd will extract data relating to the Fund and Member. For example, the Member’s TFN and Date of Birth will be read from data files. You should ensure information that might be needed is entered correctly before attempting to generate a TBAR file.
SELECT MANUAL STATUS if you wish to record an event that you have reported (or will report) to the ATO manually, using the ATO portal, or that a service provider/agent has reported or will report on behalf of your Fund.
For some event types, Mclowd may display additional fields that need to be completed. For example, for Commutations types 1 and 2, Mclowd will ask if the Commutation was paid directly to the member. Answer Yes or No.
(For explanations of Commutation types, refer to Section 14.3.8 TBAR Appendix)
For event types ICB and ICR, Mclowd needs you to specify the third party beneficiary who will receive either the balance of the deceased member’s account or a reversionary pension. Third party information is required when a fund commences to pay an income stream for the first time to a child death benefit beneficiary.
In all instances the 3rd party is the deceased parent of the child death benefit beneficiary.
Click SAVE DETAILS to save this Event.