News

Administration, Superannuation

Class enhances TBAR functionality

SMSF administration software provider Class has introduced a number of enhancements to its transfer balance account report functionality following the release of the ATO’s new Online Services for Agents portal.

The ATO portal will allow accountants and administrators to view their client’s transfer balance account and total super balance, and help manage compliance requirements.

Off the back of this, Class users can now view and track this information and record adjustments where necessary to synchronise the information with the ATO. Users can also view transfer balance account and total super balance information through the Class Member Console.

Class said these changes would provide accountants and administrators with the ability to track and monitor members’ information across their entire business, and to support compliance requirements and advisory planning.

Commenting on the enhancements, Class acting chief executive Glenn Day said: “The introduction of event-based reporting has brought additional workload for accountants and their clients, and is a key reason why the industry continues to see a shift from non-specialist software to cloud SMSF solutions.”

Class will now also provide alerts where the establishment of a pension or transition-to-retirement income stream conversion will exceed the member’s transfer balance cap to avoid inadvertent breaches.

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