The TBAR Console allows you to track and manage the reportable events for Transfer Balance Account Reporting (TBAR) across your entire business. You can generate the TBAR files for multiple members in multiple funds and lodge these files through the Tax Agent Portal.
The fund level TBAR Console is primarily designed to show the entire history of TBAR events for each member along with each member's running Transfer Balance Account. It does not allow you to generate any TBAR files. This must be done at the business level console.
This article will teach you about the following
- TBAR Console Views
- Prerequisites for using the console
- Generate, view and delete a TBAR file
Navigate to Business Level > Periodic Processing > TBAR Console
- You can use the search box to look up a specific member, account name, TBAR Event and status. You can also search by the amount as long as no $ or, or other special characters are used. e.g. enter an amount as 1100222.00
- Sort by Filter (Detailed list of filters provided below)
- Filter by any Tags you may have created
- Filter funds by Brand levels if applicable
- Filter by Tax Agents in your business
TBAR Console Views
The console has two main views, Generate and Files.
On the Generate tab you can perform the following:
- View and identify TBAR records using the available filters
- Generate TBAR files to lodge the files through the Tax Agent Portal. Once a TBAR file is generated, the relevant TBAR records will disappear from this list.
- Mark a TBAR record as 'ignored' to exclude it from being included in TBAR file. For instance, if the record is already lodged outside Class, you should mark it as 'Ignored' to avoid duplication
- Cancel an ignored TBAR record so the record will reappear in the list and can be included in a TBAR file.
The Files tab shows all the TBAR files that have been generated for TBAR lodgments. The tax agent can then upload the file on the Tax Agent Portal to lodge the TBAR files.
You can perform the following on this tab:
- View a list of the generated TBAR files
- Download the TBAR files to lodge the files through the Tax Agent Portal
- Download the TBAR Summary file for a generated file that has not been lodged with the ATO, to view all the information included in the generated TBAR file
- Download and view an error log if the TBAR file generation fails
- Delete a TBAR file - once a TBAR file is deleted, the relevant TBAR records will reappear on the Generate tab. You should only delete a file if it has not been lodged through the Tax Agent Portal
- Mark a lodged TBAR file as 'Lodged.'
Prerequisites for using the console
- The fund must be active from 2017/18 financial year onwards
- Tax finalisation must be run to report the 30 June 2017 balances in the TBAR console
- For certain legacy pensions that require a special value, record this via the Pension Establishment screen
- Fund's ABN must be recorded
- Member's TFN must be recorded
- A tax agent, as the TBAR intermediary, must be assigned to a fund
- The following information of the tax agent must be recorded:
- Contact Name
- Phone number
- Email address
- Pension establishment details or Member Transitions details are correctly maintained
- User is required to have the appropriate access level to Class to perform the following task:
- To view a TBAR record or a TBAR file, you will need read-only access to Class, e.g. auditor access
- To view, generate, delete and download a TBAR file, the user is required to have business-level read and write access with no fund or brand level restriction attached to their user access.
You may refer to the Transfer Balance Account Reporting Checklist for more information on how you can prepare to be ready for the TBAR lodgments.
To generate a file for lodgment, follow these steps:
We have provided a list of handy one-click filters to make it easier for users to identify TBAR records based on different criteria. These filters can be found at the top of the TBAR Console screen.
You may select multiple filters provided they are not mutually exclusive to further refine your displayed list.
- 30/06/17 Take-on Funds (TBAR records that are generated from take-on funds that were transitioned onto Class with a book closed date of 30 June 2017)
- Incomplete Records (TBAR records that are incomplete due to missing special value for certain legacy pensions or missing the condition of release for pensions from any take-on funds with a book closed date of 30 June 2017)
- Cancelled Records (TBAR records that were included in TBAR files and the tax finalisation of the relevant fund is subsequently re-run. If these records are included in a TBAR file for lodgment, it will create a reversal entry to the member's transfer balance account)
- Ignored Records (TBAR records that are marked as 'ignored')
- Manual Records (TBAR records that were manually created by a user)
|Superannuation Income Stream (SIS)
|TBAR records for Superannuation income streams in the retirement phase. This also includes reversionary income streams that commenced prior to 1 July 2016
|Limited Recourse Borrowing Arrangement (LRBA)
|TBAR records will result in an increased value of the retirement phase income streams arising from the repayment of an LRBA that was entered into on or after 1 July 2017
|Reversionary Income Stream (IRS)
|TBAR records for reversionary income streams that commenced on or after 1 July 2016.
|Child Death Benefit Income Stream (ICB)
|TBAR records that are child death benefit income streams because of the death of a parent. This also includes reversionary child death benefit income streams that commenced prior to 1 July 2016.
|Notional Taxed Contributions (NTC)
|TBAR records that are uncapped Notional taxed contributions amount. These are not applicable to SMSFs.
|Member Commutation (MCO)
|TBAR records that are generated from a pension commutation event because of the member voluntarily commutes an income stream that is in retirement phase
|Commutation Authority 1 (CC1)
|(TBAR records that are created from commutation events with commutation reason: Commutation Authority - the amount requested has been paid in full)
|Commutation Authority 2 (CC2)
|(TBAR records that are created from commutation events with commutation reason: Commutation Authority - unable to commute in full due to insufficient funds)
|Commutation Authority 3 (CC3)
|(TBAR records that are created from manual TBAR events with the reason: Commutation Authority - unable to commute due to a member being deceased)
|Commutation Authority 4 (CC4)
|(TBAR records that are created from manual TBAR events with the reason: Commutation Authority - unable to commute due to capped defined benefit income stream)
|Personal Injury (Structured Settlement) (SSP)
|(TBAR records that are injury payments that a member contributes while notifying the provider that they are to be excluded from the non-concessional contributions cap)
|Accumulation Phase Value (APV)
|(TBAR records that are accumulation phase interests inclusive of TRIS)
|Retirement Phase Value (RPV)
|(TBAR records that are retirement interests that would become payable if the individual voluntarily caused the interest to cease at 30 June of the relevant financial year)
|Reversionary Child Death Benefit Income Stream (ICR)
|(Reversionary child death benefit income streams that automatically revert to a dependant child because of the death of a parent, where the income streams commenced on or after 1 July 2016)
Learn how to view Suspended TBAR Files
Find out more about our other Consoles:
- Activity Statement Console
- Cash Console
- Corporate Actions Console
- Feeds Console
- Member Console
- Property Console
- Tax Statement Console