The new interactive form for transfer balance account reports (TBAR) can now be filled electronically using online services for agents, with the electronic form set to eventually replace the interim spreadsheet solution.
According to the ATO, the new form has a number of advantages over the paper form, including prefilling the supplier and provider details with an agent’s details and their SMSF client details, and prefilling the member details for second and subsequent events for the same member
The electronic form will also have inbuilt verification rules to reduce reporting errors and reverse workflow, with events reported via the online form to be generally processed by the ATO within 24 hours.
Agents will also now be able to view more information about their individual client’s transfer balance cap.
Information such as a client’s capped defined benefit balance, excess transfer balance determination, commutation authority, any liability for excess transfer balance tax, and all transactions the ATO has processed and posted to a client’s transfer balance account will be available online.
ATO assistant commissioner Dana Fleming had earlier flagged a couple of areas of concern regarding TBAR, including a level of re-reporting.
The Tax Office’s new online services for agents, which launched earlier this year, is now available for all tax and BAS agents in a public beta.
The old portals will run concurrently with the new online services during tax time 2019.
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Jotham Lian is the editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.