Questions & Answers – Transfer Balance Account Report (TBAR)

In order to collect information from you, please click here to visit the Client Portal – TBAR page. On that page, you can view the TBAR events that are already known to ESUPERFUND.

If there are additional reportable events (i.e. lump sum withdrawals made from the member’s Retirement Phase Pension), please refer to the following table for the Actions Required:

To add a transaction via the Interim Checklist, please follow these steps:

• Step 1: Log in to the ESUPERFUND Client Portal, and then navigate to the "Checklist". Access the Interim Checklist for the current Financial Year by clicking on "View Checklist" and proceed to the "Bank" tab.
• Step 2: If necessary, click on the "Add Bank Account" button to create a new bank account first.
• Step 3: Click "View" next to the relevant bank account to access the transaction coding screen for the current Financial Year.
• Step 4: You can either add transactions individually or import them in bulk.
• Step 5: Code the transaction as "Pension & Withdrawal." In the pop-up window, choose "Lump Sum" as the "Withdrawal type," and select a specific Pension Account from the "Member Account" dropdown menu. Finally, click "Submit" to save the changes.

Once the transaction has been fully entered and appears in green (indicating completion), it will automatically be mirrored to the Client Portal – TBAR page.

If the event has been reported to the ATO, please contact our office via the Client Portal Inbox.

However, if the event is pending review by ESUPERFUND, the necessary actions may vary depending on when it occurred:

• If it occurred in a prior Financial Year, please contact ESUPERFUND via the Client Portal Inbox. We will need to assess the required changes and determine if they might impact the Superfund's tax return for that prior year.
• If it occurred in the current Financial Year, you may edit and submit the transaction coding in the Interim Checklist – Bank section directly. Any changes submitted in the Interim Checklist will be reflected on the TBAR page simultaneously.

It's important to note that only transactions coded in the Interim Checklist of the current Financial Year are automatically replicated on the Client Portal – TBAR page in real time. Transactions coded in the Prior Year Checklist are typically reviewed once annually.

For any reportable transactions that may have been missed in a Prior Year, please simply click on the “Add TBAR events” button to provide the information on the Client Portal – TBAR page directly.

We advise that lump sum withdrawals cannot be used to meet the minimum pension requirement of your Pension.

If you intend to withdraw only the minimum pension amount during the Financial Year, the amount withdrawn must be treated as a pension withdrawal. Pension withdrawals are not required to be reported under TBAR.

If your withdrawals exceed the minimum pension amount during the Financial Year, you may treat the excess as either pension withdrawals or lump sum withdrawals. The differences between these two withdrawal types are explained on our website here. Lump sum withdrawals made from a Retirement Phase Pension are required to be reported under TBAR.

If you have no reportable events (e.g. there are no lump sum withdrawals / rollovers to another Superfund and you have never exceeded the Transfer Balance Cap), then you can simply disregard the reminder. You do not need to notify ESUPERFUND / the ATO if there are no events to report.

If you have already reported any events to the ATO by yourself, please contact ESUPERFUND via the Client Portal Inbox immediately and advise the value you reported. We will then contact the ATO to cancel the event reported by ESUPERFUND to avoid double reporting.

Please allow for at least 28 business days for the ATO to update the information in their system. After this period, you can view your Transfer Balance Account Balance using the ATO online services through myGov or contact the ATO on 13 10 20 directly.