Class announces significant TBAR enhancements
Class announces significant TBAR enhancements in line with ATO’s planned roll out of Online Services for Agents
Monday, 8 April 2019: Class has announced significant enhancements to its Transfer Balance Account Reporting functionality, to coincide with the ATO’s roll out of Online Services for Agents.
Online Services for Agents is a new ATO online portal which will allow 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.
In addition, Class users can now view Transfer Balance Account and Total Super Balance information through the Class Member Console. Accountants and administrators have the visibility to track and monitor members’ information across their entire business, to support compliance requirements and advisory planning.
To reduce inadvertent breaches of the Transfer Balance Cap, Class now provides warnings where the establishment of a pension or TRIS conversion will exceed the member’s Transfer Balance Cap.
Glenn Day, Acting CEO at Class explains: “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.”