In an update published on Monday, the ATO said it had introduced the spreadsheet form of TBAR lodgement “as an interim solution” for tax agents until online lodgement was available, and since online lodgement had been available since March, there was no reason to allow spreadsheet lodgement any longer.
“While the spreadsheet solution allowed us to provide an electronic option for some agents when they commenced their transfer balance account reporting, it is linked to a higher error rate associated with reverse workflow for agents and slower processing times,” the ATO said.
It continued that online lodgement was more advantageous for tax agents as it allowed pre-filling of provider and supplier details, pre-filling of SMSF member details for second and subsequent events for the same member, and contained inbuilt verification rules to reduce reporting errors and reverse workflow.
“Events reported via the online form are generally processed by our system within 24 hours. If the agent is also an agent for the individual, they will be able to see that information reflected in the member’s transfer balance account at the same time,” the ATO said.
The Tax Office added that the next due date for quarterly TBARs is 28 October, but that tax agents are only required to report if the SMSF fell under the event-based reporting framework and one of the fund members had had a transfer balance account event occur during the July to September quarter.
“We will no longer be processing spreadsheet TBAR forms received after midnight of 31 October 2019. We will advise agents that we will not process their lodgement and redirect them to online services for agents,” the ATO said.
