A bit of an update to my post regarding T-BAR reporting.
I rang my accountant this morning and he was not 100% sure on the matter as he had assigned another office member to the task of advising their SMSF clients of the ATO requirements and how their office was available to assist to undertake this reporting activity.
He was with you on this matter, and his understanding was that if a member was in Pension Mode on or before the 1st July 2017, a T-BAR report was required by the ATO before the end of this financial year, and that there was no need to file another unless the members SMSF total balance exceeds the Transfer Balance Cap.
He thinks that maybe it may be the case that if a member of the SMSF has an account balance over the $1,000,000 but under the Transfer Cap Balance, that an in-house quarterly report must be undertaken and documented by the Fund Administrator (without advice to the ATO) and held on the Fund's records.
This SMSF inhouse recorded activity and documentation would be a method to ensure that the member has, or, has not exceeded the Transfer Cap Balance. If the member's total balance exceeded the Transfer Cap Balance then this would have to be reported to the ATO.
He is going to clarify this and advise me early next week, but it seems like that the office member may have made the wrong interpretation and provided some misleading information to their clients.
