Class and BGL have both released new features for Transfer Balance Account Reporting in their SMSF software, Class Super and Simple Fund 360.
Class said its TBAR feature would simplify reporting for accountants and their SMSF clients.
“The Class TBAR Console to provide bulk event-based reporting, significantly reducing the complexity brought about by the introduction of Transfer Balance Account Reporting,” said a statement from the company.
“Accountants and administrators using Class can now simply generate a single file containing all the reportable events across many or all funds in their business, then export and upload the file to the ATO Tax Agent Portal via the Bulk Data Exchange.”
“The console automatically records events which need to be reported to the ATO, reducing time and supporting compliance needs for accountants and their clients. The system also automatically handles any record deletions or modifications, such as flagging, that an event has been handled manually.”
BGL has also launched its TBAR feature, with a Transfer Balance Dashboard and a TBAR Management screen allowing users to review member accounts, determine reporting requirements, prepare TBAR files for lodgement and lodge TBAR files for multiple SMSFs with the ATO.
“There is TBAR reporting and there is TBAR reporting. Last night BGL released the next part of our TBAR reporting solution in Simple Fund 360. This release supports ALL TBAR reporting – pre 30 June 2018 and post 30 June 2018. Unlike others who have released half (if that) a solution, in Simple Fund 360 we have the WHOLE solution. No ifs, no buts, not to be released in the future – as a Simple Fund 360 client, you can process and lodge all TBAR events today,” wrote BGL Managing Director Ron Lesh in a blog post, seemingly in reference to Class.
Mr Lesh said this was important “because although the first quarterly TBAR must be lodged by 28 October 2018, SMSF administrators may need to notify some TBAR events earlier. And if they don’t, their clients may end up with incorrect notices from the ATO and possibly penalties”.
“So providing half a solution, is not a solution. Yet some people think it is. And some people like spin,” he said.
“Here at BGL, we let our software speak for itself.”