Event-based reporting is now here – and the mechanism for reporting to the ATO is a transfer balance account report (TBAR).
SuperMate’s TBAR functionality became available in October 2017, the first SMSF administration platform to release this functionality. We also understand that SuperMate is still the only SMSF administration platform that can enable bulk electronic lodgement of multiple TBAR events. You can easily generate a data file that can be lodged using the Tax Agent or Business portal. This option of generating a data file to be uploaded to the portal will allow multiple member event data records to be lodged.
It was reported in SMSF Adviser (14 Feb 2018) that “approximately 900 SMSFs of their own volition have began reporting earlier for some 1,200 members”, even though the first reporting deadline for SMSFs is not until 1 July 2018. We have spoken about, on many occasions, the benefit of reporting early to avoid potential adverse outcomes and with SuperMate you can now lodge TBARs for all your SMSFs, including reporting 30 June 2017 existing retirement phase income streams, together with all commutations and new retirement phase income streams commenced since 1 July 2017. Importantly, in SuperMate you will be able to generate the data file across all funds or a list of selected funds, you will not be restricted to four events per TBAR, as applies to the paper form and currently in other platforms.
For more about our TBAR functionality, refer to the 4.2.2 release notes. Search on ‘TBAR’ in SuperMate help or contact the SuperMate support team on firstname.lastname@example.org or call 1300 359 335.