You must report events that affect a member’s transfer balance account.
When a member starts a retirement phase income stream (including death benefit income streams), provide details including:
- type of income stream
- value
- start date.
Where the death benefit income stream is paid to a reversionary beneficiary, the start date will be the date the member died, and the value will be the value of the income stream on the date of death of the member.
For commutations of retirement phase income streams, including commutations that occur before an income stream is rolled over or requested by a member after an excess transfer balance determination has been issued to them – provide details including:
- value
- date of the commutation.
Other events affecting a member’s transfer balance account that you need to report include:
- limited recourse borrowing arrangement (LRBA) payments (including the value and date of each relevant payment) if the LRBA was entered into on or after 1 July 2017 (or a pre-existing LRBA was re-financed on or after 1 July 2017) and the payment results in an increase in the value of the member’s interest that supports their retirement phase income stream
- compliance with a commutation authority issued by the ATO
- details (including value) of personal injury (structured settlement) contributions.
If no event occurs, you have nothing to report.
