Administration, Business News

SuperMate unveils bulk TBAR solution

SuperMate has launched a bulk transfer balance account report (TBAR) solution that allows SMSF practitioners to transmit bulk lodgements of multiple returns to the ATO portal.

The solution creates a bulk data exchange to automatically record common transfer balance account (TBA) events, such as pension commencement, partial pension commutation and full pension commutation, reversion of a pension upon a member’s death and conversion from a transition-to-retirement income stream (TRIS) to a TRIS in retirement.

It then generates the relevant data ready to be exported for lodgement with the ATO.

All TBA event data, including relevant transactions and documents, can be automatically generated, eliminating transposition errors.

TBA events across all SMSFs can then be exported to one file for lodgement with the ATO via the tax agent portal.

SuperConcepts chief technology officer Kurt Groeneveld said many professionals are doing manual reporting by looking at each TBA event, adding they have been under pressure since the $1.6 million transfer balance cap was introduced.

“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,” Groeneveld said.

“This provides a higher level of quality assurance that the data lodged is correct and helps you manage your SMSF clients’ TBAR obligations.”

The ATO recently told selfmanagedsuper it has received TBARs from 135,000 SMSFs, but noted some SMSFs were committing basic mistakes, such as providing incorrect tax file numbers and Australian business numbers.

It said it has also observed an emerging trend of SMSF trustees reporting events in real time.

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