The electronic reporting specification version (1.0.2) of the Transfer Balance Account Report (TBAR) has been released as Final.
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 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).
- Changes have not been tracked where sentences have been restructured and the intent/information has not changed
- Updated introduction for APV, RPV and NTC reporting obligations.
- Section 9 Algorithms section has been updated
Member data record
- Updated definition Value (6.36)
- Added APV, RPV and MCO codes to alert box for definition Value (6.36)
From 14th December 2017 reporters can report a nil MCO amount.
For a full list of changes between version 1.0.1 and version 1.0.2, refer to the specification on page I.