Issue

Class supports the TBAR reporting of 30 June 2017 balances for take-on funds that were transitioned to Class with a book close date as at 30 June 2017.

How can I generate TBAR records for those take-on funds?

Background

For funds transitioned onto Class with an existing pension, generally there is no requirement to update the condition of release for the original pension. This means that if the member is under the age of 65, then Class by default will assume the pension is a TRIS. However, some of these pension accounts may have already satisfied a nil cashing restriction condition of release, as such they should be in the retirement phase and reportable for TBAR purpose. Therefore it is important to update the relevant condition of release information for an pension account to ensure it receiving the correct treatment for TBAR reporting.

For take-on funds that were transitioned to Class as at 30 June 2017 with any members between the preservation age and age 65 and have pension accounts, Class will automatically create TBAR records for those accounts with 'Condition of Release Required' status. You are required to update the condition of release for those pension accounts to indicate whether they are TRISs or in retirement phase before you can generate them in a TBAR file for lodgment.

Unlike the majority of the other 30 June 2017 balances which the TBAR records are driven by the tax finalisation, for these pensions, the relevant TBAR records will be posted to the TBAR console automatically. Any subsequent updates to the member account will simultaneously update the relevant TBAR records.

Resolution

Identifying 30 June 2017 take-on funds with TRISs

TBAR records of those 30 June 2017 take-on funds where the member is between the preservation age and 65 years old will have 'Condition of Release Required' status flagged in the TBAR console. There are two filters that Class has added to the TBAR Console which should assist you in identifying those records.

Option 1: Select the 30/06/17 Take-on Funds Filter then click on the Status column header to sort the status by 'Condition of Release Required'.

Option 2: Select the Incomplete Records Filter then click on the Status column header to sort the status by 'Condition of Release Required'.

You need to update the condition of release for these pensions to indicate whether they are TRISs or in the retirement phase status.