SMSF software company gears up for new ATO services
One of the major SMSF software firms has announced significant upgrades to its transfer balance reporting functionality to coincide with the ATO’s roll-out of online services for agents.
Following the introduction of the ATO’s new online portal, Online Services for Agents, Class has significantly enhanced its software for TBAR.
One Services for Agents is a new portal which allows accountants and administrators to view their clients’ transfer balance account and total super balance and help manage compliance requirements.
In parallel with this, Class has further enhanced its transfer balance account and total super balance tracking to be more aligned with the information presented in the ATO portal.
“Users can easily view and track this information in Class and record adjustments where necessary to synchronise the information with the ATO,” the software firm said.
“In addition, Class users can now view transfer balance account and total super balance information through the Class Member Console.”
Class said that accountants and administrators also have the visibility to track and monitor members’ information across their entire business to support compliance requirements and advisory planning.
In order to reduce inadvertent breaches of the transfer balance cap, Class now also provides warnings where the establishment of a pension or TRIS conversion will exceed the member’s transfer balance cap.
Class acting chief executive Glenn Day said the introduction of event-based reporting has brought additional workload for accountants and their clients, and is a key reason why the industry continues to see a shift from non-specialist software to cloud SMSF solutions.
“We’re committed to supporting our customers to further streamline TBAR processing and reduce compliance risk,” Mr Day said.
Miranda Brownlee
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.
