This was closely followed by 30 per cent of respondents who said they would use time cost billing to charge for any work associated with the reporting for their clients.

Smarter SMSF chief executive Aaron Dunn said particularly in the initial stages of transfer balance account balance reporting, any reporting completed for clients is going to be a more labour intensive process, until the automation around this reporting is improved.

“There is additional work so we need to factor that in, so therefore professionals need to think about how they will charge SMSF clients,” said Mr Dunn.

Some professionals, he said, may decide to charge based on time-cost initially in order to measure how much time it will take to undertake this type of reporting for clients.

“They might then move into a standardised fee structure because they’ve been able to measure that time cost and benchmark it on an ongoing basis,” he said.

Around a third of respondents, or 31 per cent were unsure how they were going to charge for the new reporting.