The electronic reporting specification version (1.0.1) of the Transfer Balance Account Report (TBAR) has been released as final. The change between version 1.0.0 and 1.0.1 is only for clarification in the Member tax file number field definition.
In the May 2016 Budget it was announced that from 1 July 2017 the total amount of super that can be transferred into tax free retirement phase accounts will be capped at $1.6 million. Tax free capped defined benefit income (CDB income) will be capped at $100,000. The legislative changes have received royal assent.
This specification is to be used in the development of software for the lodgment of electronic Transfer Balance Account Report (TBAR). Reporters would need to capture the necessary data from 1 July 2017 with reporting commencing at a time to be confirmed.
This reporting method will be available for all superannuation providers however; a population of users are expected to transition to the Member Account Transaction Service (MATS) and Member Account Attributes Service (MAAS).