Episode 36 - It's TBAR time...
As we move ever so closer to the first due date with SMSFs for event-based reporting, the transfer balance account reporting (TBAR) framework within a practice has very quickly become the most topical issue for practitioners dealing with SMSFs. With the Australian Taxation Office (ATO) indicating additional reporting being required within the TBAR for pension members with accumulation accounts, it is the impact of the technical nuances with this reporting framework that may see some practitioners come unstuck. Whilst the ATO will take an educative approach in the early stages of rollout, the failure to effectively implement a system a process within a practice is likely to lead to inefficiencies, but also leakage of events to report in a timely manner.
In this week's podcast, Aaron discusses the recent commentary about reporting accumulation phase values as part of the TBAR, the requirements for reporting 2017-18 events and how practices intend on handling TBAR within their practice moving into the new quarterly / annual reporting framework from 1 July 2018.
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