Class has launched the Class TBAR Console to provide bulk event-based reporting in a bid to reduce complexity arising from the transfer balance account report (TBAR) regime.
Accountants and administrators using Class can now generate a single file containing all the reportable events across multiple or all funds in their business, and then export and upload the file to the ATO tax agent portal via the Bulk Data Exchange.
The console automatically records events that need to be reported to the ATO to support compliance needs for accountants and their clients. The system also automatically handles record deletions or modifications, such as flagging, that an event has been handled manually.
Class chief executive Kevin Bungard said: “Transfer balance account reporting introduced a new layer of complexity and additional workload for accountants and their clients.
“We’re pleased to deliver a solution that will dramatically reduce the time taken to meet reporting requirements and streamline compliance.”
