The ATO has improved its online portal for practitioners, which allows them to view transfer balance cap information and lodge transfer balance account reports (TBAR) for clients.
In a recent update, the SMSF regulator announced a client’s TBAR can now be lodged by completing an interactive form included in the online services facility provided for tax agents.
Transitioning all transfer balance account reporting to electronic means is the ultimate aim of the ATO, with the regulator stating it will eventually replace the current spreadsheet solution, which is only an interim measure.
It pointed out submitting TBAR requirements electronically has significant advantages and efficiencies compared to performing the task via spreadsheet, such as being able to avoid manual data entry as the supplier and provider details can be prefilled with the agent’s and client’s details.
Other advantages identified include being able to prefill member details for second and subsequent events in the same manner and enjoying inbuilt verification rules to reduce reporting errors and subsequent reverse workflow. In addition, a TBAR lodged electronically is likely to be processed within 24 hours.
“To lodge a TBAR in online services for agents, select a client, then lodgement, client forms and transfer balance account report,” the regulator instructed.
In the same update, the ATO noted agents can access more client transfer balance cap information using its online services.
Client data available via this automated portal include an individual’s transfer balance cap and their available cap space, a person’s capped defined benefit balance, all transactions processed and posted to an individual’s transfer balance account, information about an excess transfer balance determination, information about a commutation authority, and any ability for excess transfer balance tax.
“To view transfer balance cap information in online services for agents, select your client, then super, information and transfer balance cap,” the regulator said.
The ATO did, however, stress practitioners will be unable to access a client’s transfer balance account information online if they are not the authorised agent of the client.
In these circumstances, the regulator noted the client can still see their own information via their myGov account.
