SuperConcepts gears up for TBAR with new software release
In preparation for the events-based reporting requirements for SMSFs, the next SuperMate software release will include TBAR functionality and allow multiple member data records to be lodged.
SuperConcepts executive manager of SMSF technical services Mark Ellem said the October 2017 release of SuperMate 4.2.2 will include a transfer balance account report (TBAR) option.
Mr Ellem said the TBAR option will generate a data file that can then be lodged using the business portal of the tax agent portal.
“This option of generating a data file to be uploaded to the portal will allow multiple member data records to be lodged. In SuperMate you will be able to generate the data file across all funds or a list of selected funds,” said Mr Ellem.
The other two reporting channels, including the paper form currently available on the ATO’s website and the ATO’s online services which will be available in January 2018, will only allow for lodgement of one event per member in a single TBAR, he said.
“For these two options, if you have multiple reportable events, members or accounts, you must complete a separate report for each event, member and/or account,” said Mr Ellem.
The TBAR function in the new release will also allow SMSF practitioners to test the TBAR data file report to check for any errors prior to generating the data file to be uploaded on the portal.
“Each TBA event will have a TBAR status so you can ascertain whether the event is waiting to be included in the next TBAR data file sweep, has been included in a TBAR generated data file; or, in the case of a manually entered TBAR event — reported by another super fund — is not to be reported,” he explained.
“You will also be able to cancel a previously lodged TBAR and lodge a replacement TBAR, with the relevant status showing on the member’s TBA screen.”
Whilst the transitional reporting period for SMSFs is still being confirmed, Mr Ellem noted that that there are benefits to lodging the TBAR as early as possible.
“Where a person exceeds their TBC, early reporting of the TBAR will limit the amount of notional earnings calculated, which is subject to tax at 15 per cent or 30 per cent, depending upon whether it is a person’s first or subsequent breach of their TBC,” he said.
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.