Manual TBAR Event allows you to create a Transfer Balance Account Records (TBAR) for lodgment with the ATO when Class has not created a record automatically. You may also use this feature to make adjustments to a member's TBA without creating an event that will be lodged. e.g. When the event was lodged by the member's other superannuation fund.
Navigate to fund level > Periodic Processing > TBAR Console
Creating a Manual TBAR event
Navigate to fund level > Periodic Processing > TBAR Console > Manual TBAR Event
- Select the event type from the drop-down menu
- Select the member
- Select the pension account
- Enter a description (default is Manual TBAR event)
- Enter the effective TBAR event date
- Enter the value
- Click Submit. The record will now appear in the Business level TBAR console for lodgement.
Where a TBAR event has already been reported to the ATO create a TBAR record as above but tick the Adjustment checkbox to create a record that will appear on the member's Transfer Balance Account but not in the TBAR console.
Supported Manual TBAR Event Types
| TYPE | DETAIL |
|---|---|
| Commutation authority deceased | Unable to commute due to the member being deceased. You do not need to enter an amount in relation to reporting CC3 |
| Commutation authority - defined benefit | Unable to commute due to capped defined benefit income stream. You do not need to enter an amount in relation to reporting CC4. |
| Income stream stops being in retirement phase | Income stream stops being in retirement phase because it fails to comply with minimum pension standards, for example not paying pension minimum amount at least annually. |
| Limited recourse borrowing arrangement | A credit will arise in the member's transfer balance account in relation to a payment made by a superannuation provider under an LRBA that was entered into or after 1 July 2017 where the payment will result in an increased value of the retirement phase income streams. |
| Member Commutation | The process of ceasing, in whole or in part, a superannuation income stream and converting it into a superannuation lump sum. In all circumstances with the exception of a Commissioner's Commutation Authority. |
| Personal Injury (Structured Settlement) | Injury payments that a member contributes while notifying the provider that they are to be excluded from the non-concessional contributions cap |
| Reversionary Income Stream | A superannuation income stream that automatically reverts to a nominated beneficiary on the death of its current recipient, where the income stream commenced on or after 1 July 2016 |
| Superannuation Income Stream | A superannuation income stream in the retirement phase. Generally a right to receive a periodic payment from a superannuation interest, for example, a pension or annuity. This event type should also be used for a reversionary income stream that commenced prior to 1 July 2016 or death benefit income stream before 1 July 2017. |
View, Edit or Delete a Manual TBAR Event
Once the manual TBAR event is created, you can see the event in the fund level TBAR Console. You can use the 'Manual Records' filter to view manual TBAR events only.
The manual TBAR event can be located in the Browse Events screen. You can click on the event to view, edit or delete it.
If the manual TBAR event has already been generated in a TBAR file for lodgment, deleting the TBAR event will create a cancelled record. This enables you to lodge a cancel record for the event previously lodged.