An innovation in Transfer Balance Account Reporting (TBAR) lets SMSF practitioners transmit bulk lodgments of multiple returns to the ATO portal, saving time and reducing compliance errors.
The newest release of SuperMate incorporates vital industry input to solve the time taken by professionals to prepare funds due to increasing Transfer Balance Cap compliancy rules.
“This TBAR reporting function provides some critical relief to SMSF professionals who are under the pump with additional compliance rules since the $1.6 million transfer balance caps were introduced,” said SuperConepts CTO Kurt Groeneveld.
“It’s so easy to get it wrong and many professionals are painstakingly doing manual reporting looking at each TBA event, and it’s taking them ages, so we created a solution.
“They can now generate a data file to be uploaded to the ATO portal for multiple member data records for a single fund, a list of selected funds, or across all funds being managed.
“This provides a higher level of quality assurance that the data lodged is correct and helps you manage your SMSF clients’ TBAR obligations,” said Mr Groeneveld.
SuperMate’s TBAR solution creates a bulk data exchange to automatically record the common TBA events such as pension commencement, partial pension commutation, full pension commutation, reversion of pension upon death of a member, conversion from TRIS to TRIS in retirement phase. It then generates the relevant data ready to be exported for lodgment with the ATO.
All TBA event data including the relevant transactions and documents can be automatically generated, eliminating transposition errors and time to complete a TBAR.
TBA events across all SMSFs can then be exported to one file for lodgment with the ATO via the Tax Agent portal.
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