TBAR hurdles flagged with smaller credit unions
A number of smaller institutions and credit unions are yet to set up data feeds with the automated administration platforms, which could cause hurdles once the TBAR reporting commences, an auditor has warned.
ASF Audits, executive general manager, technical services, Shelley Banton said some of the smaller accounting firms have clients that are in institutions or credit unions that don’t have feeds set up to automated administration platforms, so they may end up with some TBAR issues moving forward.
“It all comes back to the timely reporting of this information, and when it’s not coming through, they may not be able to get to that event-based reporting, as quickly as they should be,” said Ms Banton.
“This may lead to penalties and other such things from the ATO down the track.”
Often with the local community credit unions, the platforms won’t necessarily deal with them because it may not be cost effective to set up a data feed to come through.
“So there are some institutions out there that are not going to be using the feed, at this stage anyway,” she said.
“Maybe down the track where you’ve got better economies of scale, and better information flowing between different platforms, that might change.”
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.