Major SMSF software firm flags hurdle with TBAR
The $1 million threshold amount for events-based reporting is likely to be based on the total 30 June super balance from the previous financial year, which could pose new challenges, according to the chief executive of a software company.
Speaking to SMSF Adviser, Class Limited chief executive Kevin Bungard said that while the industry is still waiting on the formal documentation for events-based reporting in the SMSF sector, in terms of when things actually have to be measured, at this stage it looks like it will be based on the client’s total superannuation balance from the previous 30 June date.
“So if you were talking to someone, you’d need to know what their total 30 June 2017 balance was across all of their superannuation balances,” said Mr Bungard.
That’s a bit of a challenge, he said, as the industry is not necessarily used to having those 30 June balances available so quickly.
“They won’t necessarily have finalised all the accounts. They may not have the tax statements and the other bits and pieces done, so it still presents some challenges in terms of having a clear view of where your clients are at,” he explained.
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 also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.