Transfer Balance Account Reporting

From 1 July 2017, three inter-related concepts were introduced to Superannuation.

• Transfer Balance Cap (TBC) – This is the maximum amount that each individual can transfer into the retirement phase, and is measured as a lifetime cap. The general transfer balance cap is subject to indexation. Depending on when an individual’s first retirement phase pension was commenced will affect what their personal transfer balance cap is.

• Transfer Balance Account (TBA) – Think of this like a bank account. It is used to monitor how much has been transferred in or out of the retirement phase, and the balance changes by way of credits (starting new pensions) or debits (stopping existing pensions).

• Transfer Balance Account Report (TBAR) – This is the report that is sent to the ATO to inform them of events that ‘use up’ your TBC. Ultimately, these events are transactions in your TBA.

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