ATO provides update on TBAR services for tax agents
The ATO has now extended access to transfer balance account report services to all tax agents in public beta and announced plans to replace the interim spreadsheet solution with an electronic TBAR form.
In an online update, the ATO said that online services for agents are now available in public beta for all tax and BAS agents.
The ATO also said that tax agents can now view transfer balance cap information and lodge transfer balance account reports (TBARs).
TBARs can now be lodged electronically by completing an interactive form in online services for agents.
“The electronic TBAR form is the preferred method to submitting this report. It will eventually replace the interim spreadsheet solution,” the ATO said.
The ATO said that the electronic TBAR form will have a number of advantages over the paper form, including the ability to prefill supplier and provider details including the detail of the tax agent and their SMSF client.
It will also enable member details to be prefilled for second and subsequent events for the same member, feature inbuilt verification rules to reduce reporting errors and reverse workflow, and allow events reported via the online form to generally be processed by the ATO’s system within 24 hours.
Tax agents can also now view more information about their client’s transfer balance cap.
This includes their client’s transfer balance and available cap space, their capped defined benefit balance, all transactions the ATO had processed and posted to their client’s transfer balance account, information about an excess transfer balance determination, information about a commutation authority and any liability for excess transfer balance tax.
***Update*** This article has been updated to state that the interim spreadsheet solution will be replaced with an electronic TBAR form after incorrectly stating that the electronic TBAR form would be replaced.