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What is the Transfer Balance Account Report (TBAR)
From 1 July 2023, all SMSFs are required to lodge Transfer Balance Account Reports (TBARs) quarterly within 28 days after each quarter’s end. The Transfer Balance Cap rises to $2 million in July 2025 with proportional indexation applied to individuals. Some reportable events, such as excess commutations, require faster reporting. Timely and accurate TBAR lodgement is critical to maintain SMSF compliance and pension phase tax exemptions.
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What is the Transfer Balance Cap (TBC)
The Transfer Balance Cap limits tax-free super savings in retirement phase accounts to $2 million in 2025. Transitional CGT Relief helps SMSF members avoid tax on pre-cap gains by resetting asset cost bases. All TBAR events must be reported quarterly, with faster deadlines for excess commutations. Exceeding the cap triggers tax penalties, making timely pension adjustments vital for compliant, tax-effective retirement planning.
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