Business News

Simple Fund 360 enables TBAR lodgement

BGL Corporate Solutions has announced its Simple Fund 360 now supports the preparation of the transfer balance account report (TBAR) form before 1 July.

It comes amid ATO reporting requirements that all SMSF members with a pension in place before 1 July 2017 and which continued to be in place on 1 July 2017 must report the 1 July 2017 pension balance by 1 July 2018.

The first reporting period will end on 28 October 2018.

“Simple Fund 360 automatically records the debits and credits affecting each member’s pension account and our team will continue to develop Simple Fund 360 and Simple Fund Desktop to remove the complexities around this reporting regime,” BGL managing director Ron Lesh said today.

Users of the software can prepare the TBAR form through the transfer balance dashboard. The ATO TBAR allows for four events for a fund to be reported on each form. This form can then be lodged electronically through ATO online services.

The reporting will be available to Simple Fund Desktop clients in April.

“I do not know how clients who have not automated their SMSF administration can possibly meet the new reporting requirements,” Lesh said.

“Just over 50 per cent of SMSFs have some automated administration, the other 50 per cent have a huge problem come 1 July 2018.”

BGL’s next project is delivering the TBAR bulk data exchange, which allows clients to report TBAR events for multiple funds simultaneously, he said.

This will be available in Simple Fund 360 and Simple Fund Desktop during the June quarter.

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