Transfer balance account reporting – what, why and how!
This on demand webclass allows you to learn in your own time at your own pace and provides you with 2.5 CPD hours.
A learning guide, slides, case studies and recording will be provided to assist in the on demand learning experience. There is also an assessment available that will provide you with an official CPD certificate upon successful completion.
The transfer balance account reporting (TBAR) regime was introduced at 1 July 2017 to support implementation of the transfer balance cap (TBC). TBAR helps the ATO track an individual’s transfer balance account (TBA) and so compliance against the TBC. This webclass will provide a dive into the rules and requirements when in comes to navigating and complying with the TBAR regime. Incorrect reporting can lead to additional administration work and excess transfer balance tax. We will consider a range of reporting events using case studies to highlight practical considerations and common mistakes made in completing the TBAR.
In this one and half hour webclass we will consider:
- Frequency of reporting test;
- Rules for when and what type of events to report;
- Rules for calculating debits and credits;
- Excess transfer balance assessments and rectification;
- Tips and traps for less common TBAR events;
- Reporting methods and lodgment.