SuperConcepts has launched further transfer balance account report (TBAR) functionality on its SuperMate platform that will help SMSF practitioners comply with the new transfer balance cap requirements commencing on 1 July.
According to SuperConcepts, it is the first and currently only SMSF administration service or SMSF software provider to offer bulk data exchange, one of three ways to submit TBAR events to the ATO.
SMSFs are able to submit paper and online forms.
“We’ve started bulk reporting for some clients and have already seen hundreds of SMSFs and small Australian Prudential Regulation Authority funds using this new functionality,” SuperConcepts executive general manager Peter Burgess said.
“The feedback has been very positive as the new capability allows multiple member data records to be lodged in bulk, leading to significant time savings for advisers.
“Prior to this release of SuperMate, the only option available to SMSF practitioners was to submit client data on a fund-by-fund basis.”
Burgess said early and regular reporting is important as it means SMSF members and their advisers will be more able to rely on the ATO’s online information about transfer balance amounts.
“It’s important to remember inadvertent breaches could lead to hefty tax penalties,” he noted.
The new functionality is completely automated and allows users to test the TBAR data file report to check for any errors prior to generating the data file to be uploaded on the portal.
Each transfer balance account event in SuperMate has its own TBAR status so users can ascertain if the event is either waiting to be included in the next TBAR data file sweep, has been included in a TBAR-generated data file, or has been manually entered through another super fund and therefore should not be reported.
Users can also cancel a previously lodged TBAR and lodge a replacement TBAR.
Event-based reporting is required to assist the ATO to track an individual’s transfer balance account and to administer the tax consequences if the individual’s transfer balance cap is exceeded.
Reporting time frames for SMSFs are determined by the total super balance of the fund members.
