The ATO will not be accepting Transfer Balance Account Reporting (TBAR) lodgements as spreadsheets from 31 October.
The tax office announced an end to spreadsheet TBAR lodgements, calling it an “interim solution for tax agents”.
“Since the functionality of Online services for agents has allowed for online TBAR lodgement since March 2019, we are decommissioning the spreadsheet form on 31 October 2019,” said the ATO.
“While the spreadsheet solution allowed us to provide an electronic option for some agents when they commenced their transfer balance account reporting, it is linked to a higher error rate associated with reverse workflow for agents and slower processing times.”
The ATO pushed the “number of advantages” that the online TBAR form has for tax agents compared to lodging with paper or the “interim spreadsheet option”, including the pre-filling of data, inbuilt verification rules to reduce reporting errors, and faster processing of events – “events reported via the online form are generally processed by our system within 24 hours”.
“We will not be processing spreadsheet TBAR forms that are received after midnight of 31 October 2019. We will advise agents that we will not process their lodgment and redirect them to Online services for agents.”
“The next due date is 28 October 2019. You are only required to report if the SMSF falls under the event-based reporting framework and any member had a transfer balance account event occur in July–September.”