In a recent update to the ATO’s website (QC 70859), the ATO reminds fund trustees that there are important steps to follow when they are amending a transfer balance account reporting (TBAR) or responding to the ATO Commissioner’s commutation authority (CCA).
Remember, if an SMSF does not respond to the CCA or tell the ATO why they have not done so, the relevant SMSF member’s income stream will no longer be considered in retirement phase and so not eligible for exempt current pension income (ECPI).
Understanding the issues and requirements for TBAR continues to vex our clients, who also must get ready for the new streamlined TBA reporting regime that commences on 1 July 2023. It’s not surprising that our events on TBAR continue to be some of our most popular CPD content.
To find out more about the correct process for amending a TBAR read our latest article here.