SuperConcepts extends TBAR capability
SMSF administration firm SuperConcepts now offers users the option of submitting transfer balance cap reports through the bulk data exchange on its SuperMate software platform.
The new functionality is completely automated and allows users 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 in SuperMate has its own TBAR status so users can ascertain if the event is waiting to be included in the next TBAR data file sweep, has been included in a TBAR generated data file, or has been manually entered through another super fund and therefore should not be reported, said SuperConcepts.
SuperConcepts executive general manager Peter Burgess said SuperConcepts has started bulk reporting for some clients and have already seen hundreds of SMSFs and small APRA funds using this new functionality.
“The feedback has been very positive as the new capability allows multiple member data records to be lodged in bulk leading to significant time savings for advisers,” said Mr Burgess.
“Early and regular reporting is important as it means SMSF members and their advisers will be more able to rely on the ATO’s online information about their total balance amount. It’s important to remember inadvertent breaches could lead to hefty tax penalties.”