Salus Private Wealth Logo

Latest News

Quarterly reporting regime means communication now paramount: expert

Communication between SMSF trustees, accountants and advisers is more crucial than ever with the quarterly reporting rules coming into force, says a leading specialist.


Anthony Cullen, senior SMSF educator with Accurium, said in a recent webinar there need to be open lines of communication between advisers, administrators, accountants and trustees so that every person involved with an SMSF is clear about what is going on in terms of planning, debits and credits.

“Transfer balance account reporting (TBAR) is the way the ATO tracks against personal transfer balance and requires a number of events to be recorded,” he said.

“How often that is needed to be done in the superannuation world depends on what is needed to be reported, but there were changes on 1 July 2023, which have streamlined the time frames of what we can and what we should be reporting.”

Historically, SMFSs were either defined as quarterly, or annual reporters but Mr Cullen said now every fund is considered a quarterly reporter, which includes any former annual reporters, including grandfathering reporting.

Mr Cullen said accountants and administrators who are not actively involved in the financial planning side of an SMSF could find they do not have all the relevant information they may need for quarterly TBAR reporting, especially if a client has established their pension with their adviser.

“For example, an adviser may tell the client what they need to draw in regards to their pension, and the accountant may only find out about it when the reporting is due, which is why communication is really important,” he said.

“If you're a client and you're dealing with an adviser and want to start a pension that's fine, you could probably go through that process, but you need to make sure that your accountant is aware of it. The same applies to decisions made with the accountant that the financial adviser will need to know.”

He added that backdating certain events such as starting a pension is not an option since a tax ruling in 2013 (TR2013/5) Income Tax: when a superannuation income stream commences and ceases, which focuses on when a super income stream commences and ceases, and when a super income stream is payable.

Concerning what balances to report, Mr Cullen said the ATO does allow for a “reasonable estimate”, but also stressed that according to TR2013/5, the ATO also stipulates that a pension cannot be started until all the capital in the fund has been included.

“There is an expectation that as the trustees of a fund you have a reasonable idea of what the pension value is going to be and so can lodge a TBAR with a reasonable estimate,” he said.

“Once the account is finalised and if the estimate is different to the actual amount, the ATO has agreed that if it's material, you can go through the process of cancelling the prior notice and launching a new one.”


Keeli Cambourne
01 February 2024

Latest News

Louise Laing

Louise founded Salus Private Wealth to offer high quality personal advice to clients who want to work closely with an adviser for the long term. Her philosophy that understanding each individual and their motivations and needs is key to an enduring and successful financial planning relationship is at the heart of the business.

She first engaged the services of a financial adviser herself when she was in her early 20s (long before becoming one) and believes the non-judgemental support and education about her position and options provided at this early stage has allowed her to make confident decisions in different aspects of life since then.

This confidence and positivity in making choices, financial or not, is what she wants to give to her clients.

Superannuation & Retirement

Superannuation is one of the largest and longest duration investments most people in Australia have, making it a critical part of long-term planning even if retirement feels like a distant objective. For those in the lead into retirement, we design strategies so you have peace of mind that when you start to draw on your retirement savings, you have liquidity and stability to support that.

Legislation and rules are changed regularly, so advice can help you take advantage of opportunities to build for the future. We are authorised to provide advice on and to SMSFs.

Contact us today to discuss how we can work together: (02) 8044 3057 or email us at


Protecting your wealth, lifestyle and family is high on the priority list for many clients and this is an area of advice need that can change very quickly. Ensuring you have the cover you need can give peace of mind that what’s important is taken care of in the event of illness, injury and death, but we also make sure over time you are not paying for cover you no longer need.

Contact us today to discuss how we can work together: (02) 8044 3057 or email us at

Estate Planning

While talking about death doesn’t seem like a particularly appealing prospect, it’s a topic we see as a vital part of financial planning. Importantly, it’s a topic for every adult, regardless of their stage in life. Without a proper estate plan assets may not be passed where you’d like them to go, family conflict can ensue, and in the event you lose capacity there may not be an authority in place for the person you would choose to make those decisions for you to do so. While it can be an uncomfortable subject, we are experienced in facilitating these conversations as part of our advice process.

Contact us today to discuss how we can work together: (02) 8044 3057 or email us at

Strategic Debt & Cashflow

Managing debt efficiently can have a material impact on your financial wellbeing and lifestyle. Having a solid plan to understand where your money goes and manage cashflow and debt can eliminate stress and set you on a positive path toward achieving your goals.

Contact us today to discuss how we can work together: (02) 8044 3057 or email us at


Once we have a clear understanding of what we are aiming for and how you feel about taking on investment risk, we can help direct your funds into appropriate investments to meet your goals. This includes recommending the investment structure, consideration of tax implications, asset types, and putting together a suitable blend for you. You will have transparency of and access to view your investments, providing security.

Contact us today to discuss how we can work together: (02) 8044 3057 or email us at

Aged Care

Aged care needs can arise suddenly. The complexity of managing this can be a significant challenge at a time when your focus should be on the person requiring care. We can assess the alternative funding options to ensure you make an informed choice in the best interests of the person requiring care.

Contact us today to discuss how we can work together: (02) 8044 3057 or email us at

Tax Diary

General Calculators


Financial Videos

Secure File Transfer

Secure File Transfer is a facility that allows the safe and secure exchange of confidential files or documents between you and us.

Email is very convenient in our business world, there is no doubting that. However email messages and attachments can be intercepted by third parties, putting your privacy and identity at risk if used to send confidential files or documents. Secure File Transfer eliminates this risk.

Login to Secure File Transfer, or contact us if you require a username and password.

General Disclaimer

Website Disclaimer

The Trustee for Laing Weaver Family Trust T/A Salus Private Wealth (Corporate Authorised Representative No. 1305571) and all our advisers are Authorised Representatives of Sambe Investments Pty Ltd T/A Finchley & Kent, Australian Financial Services Licence No. 478766, ABN 67 078 995 856, and has its registered office at Three International Towers, Level 24, Tower 3, 300 Barangaroo Avenue.

Sambe Investments Pty Ltd Australian Financial Services Licence applies to financial products only. Please note that Property Investment, Tax & Accounting, Mortgages & Finance are not considered to be financial products.

Disclaimer: The information contained within the website is of a general nature only. Whilst every care has been taken to ensure the accuracy of the material, The Trustee for Laing Weaver Family Trust T/A Salus Private Wealth and Sambe Investments Pty Ltd T/A Finchley & Kent will not bear responsibility or liability for any action taken by any person, persons or organisation on the purported basis of information contained herein. Without limiting the generality of the foregoing, no person, persons or organisation should invest monies or take action on reliance of the material contained herein but instead should satisfy themselves independently of the appropriateness of such action.