Class releases bulk reporting on TBAR console
SMSF software provider Class has added a new reporting feature to its TBAR console which allows users to automatically report events across multiple funds via the ATO’s bulk data exchange.
Accountants and administrators, Class said, will now be able to generate a single file containing all the reportable events across many or all funds in their business, then export and upload the file to the ATO Tax Agent Portal via the bulk data exchange.
According to Class, the console automatically records events that need to be reported to the ATO and automatically handles any record deletions or modifications, such as flagging that an event has been handled manually.
Class chief executive Kevin Bungard said that transfer balance account reporting introduced a new layer of complexity and additional workload for accountants and their clients.
“We’re pleased to deliver a solution that will dramatically reduce the time taken to meet reporting requirements and streamline compliance,” Mr Bungard said.