Class releases TBAR Console
Class, the provider of Class Super, the leading cloud SMSF administration software, has announced the availability of the Class TBAR Console to provide bulk event-based reporting, significantly reducing the complexity brought about by the introduction of Transfer Balance Account Reporting.
Accountants and administrators using Class can now simply generate a single file containing all the reportable events across many or all funds in their business, then export and upload the file to the ATO Tax Agent Portal via the Bulk Data Exchange.
The console automatically records events which need to be reported to the ATO, reducing time and supporting compliance needs for accountants and their clients. The system also automatically handles any record deletions or modifications, such as flagging, that an event has been handled manually.
Class CEO, Kevin Bungard says: “Transfer Balance Account Reporting introduced a new layer of complexity and additional workload for accountants and their clients. We’re pleased to deliver a solution that will dramatically reduce the time taken to meet reporting requirements and streamline compliance”.