202104.1Transfer balance account reporting revisited webinar assessment

The SMSF annual return can also be used to report transfer balance account events? *This question is required.

• a) True
• b) False

Once an SMSF is self-assessed as an annual or quarterly TBA reporter, the frequency of TBA reporting does not change? *This question is required.

• a) True
• b) False

Which of the following TBA events must be reported earlier than the normal reporting deadline for an annual or quarterly reporting SMSF? *This question is required.

• a) Value of a voluntary member commutation in response to an excess transfer balance determination
• b) Value of a commutation in response to a commutation authority
• c) Commutation of a pension rolled from an SMSF to an APRA regulated fund
• d) Both (a) & (b)
• e) All (a), (b) & (c)

An SMSF lodged a TBAR for the commencement of a retirement phase pension with a value of $430,000. It is later discovered that the correct value was $340,000. What action should be taken? *This question is required.

• a) Lodge the SMSF annual return, as this will correct the commencement value
• b) Lodge a new TBAR with a commutation value of $90,000, as this will correct the balance of the member’s TBA
• c) Lodge a cancelling TBAR with exact details of the original TBAR and lodge a new TBAR with the correct value and pension details
• d) No action needed where the member is below their personal transfer balance cap

An SMSF, which is a quarterly reporter for TBA purposes, has a member who died on 23 April 2021. They had an account based pension that was established as reversionary to their surviving spouse. What is the timing of lodgement of the TBAR and when the credit will arise in the surviving spouse’s TBA?

• a) TBAR due at the same time of the 2021 SMSF annual return and the TBA credit will arise on 23 April 2022
• b) TBAR due 28 July 2021 and TBA credit will arise on 23 April 2022
• c) TBAR due 28 May 2021 and TBA credit will arise 23 April 2022
• d) TBAR due 23 April 2022 and TBA credit will arise on same date