Software, data feeds lessen TBAR confusion

A hooded figure within a background of binary numbers.

Specialty software and data feeds are required for TBAR.

The increased complexity around SMSF reporting dates as a result of the transfer balance account report (TBAR) regime means it is more important than ever for accountants to use specialised software and up-to-date data feeds, according to an industry auditor.

“Whilst the TBAR quarterly reporting doesn’t kick in right away, it does impact what we’re doing [with annual reports] right now because for those accountants who aren’t using specialised software and don’t have the direct data feeds, they need to know what their clients are doing today in case it impacts what they need to report in six months’ time,” BDO Australia superannuation partner Shirley Schaefer told selfmanagedsuper.

“It’s a relatively simple concept: if you’re under $1 million, report annually, if you’re over $1 million, report quarterly, but when you break it down to exactly what you have to report and when, it’s actually not that simple.”

Schaefer noted many accountants were confused about multiple reporting dates.

“They are confused about reporting all pension balances by 30 June 2018, but mixing that in with the new reporting that kicks in from 1 July 2018,” she pointed out.

“It’s another layer of added complexity.

“And sure it’s administrative in nature, so the education piece around that and having the software and data feeds to support you are important.”

Copyright © SMS Magazine 2024

ABN 43 564 725 109

Benchmark Media

Site design Red Cloud Digital