Further to our previous snippets on the ATO’s new transfer balance account report (TBAR) regime (see here and here), the ATO has announced that it will consult on two alternative options for the TBAR regime.
Under option 1, monthly reporting will commence from 1 July 2018, but there will be a permanent concession for the reporting of the commencement of pensions and limited recourse borrowing arrangement related credits being that such credits will not be required to be reported until 28 days after the end of the quarter that the credit occurs.
Under option 2, there will be a further transition period from 1 July 2018, under which all credits and debits (other than those relating to a commutation authority) can be reported on a quarterly basis (ie 28 days after the end of the quarter in which the credit or debit occurs). At the end of that transitional period, which could be 2 years (ie to 30 June 2020), all credits and debits (including the commencement of pensions) will be required to be reported on a monthly basis.
To discuss this further or for more information please contact: