BGL releases first stage of TBAR tool
SMSF software firm BGL has released the first stage of its transfer balance account reporting tool, which will enable users to lodge TBARs through the transfer balance dashboard of Simple Fund 360.
BGL managing director Ron Lesh said the ATO has advised that all SMSF members who had a pension in place prior to 1 July 2017 and which continue to be in place on 1 July will need to report the 1 July 2017 balance by 1 July 2018.
Mr Lesh said Simple Fund 360 now supports the preparation of the transfer balance account reporting form, with users able to prepare the form through the transfer balance dashboard.
“I am really happy that stage one of the TBAR reporting is now out the door in Simple Fund 360,” said Mr Lesh.
“Clients can now lodge their TBARs to meet the ATO’s reporting requirements by 1 July 2018. The same reporting will also be available to Simple Fund Desktop clients in April 2018.”
Mr Lesh said the next project for BGL will be to deliver the TBAR bulk data exchange which will allow clients to report TBAR events for multiple funds at the same time.
“This will be available in Simple Fund 360 and Simple Fund Desktop during the June 2018 quarter.”