BGL believes the ATO has significantly underestimated the complexity of the new events-based transfer balance account reporting (TBAR) regime requirements, the amount of data that will be reporting and the impact on compliance costs on SMSFs and the broader super industry.
Analysis conducted by SMSF software provider BGL Corporate Solutions has indicated that around 290,000 SMSFs will be affected by the events-based reporting rules and that reportable events will occur more frequently than expected.
BGL has conducted our #TellTheATO Campaign designed to get the ATO rethink its approach to the proposed Transfer Balance Account Report (TBAR). The ATO has certainly made some changes to the initial implementation proposals but our research (and that of many others) tells us these changes have simply not gone far enough.
Accounting software provider Xero has announced a series of partnerships and new initiatives, including with SMSF software company BGL.
BGL Corporate Solutions, Australia’s leading developer of SMSF administration and ASIC corporate compliance software solutions, has released two-way integration with Xero Practice Manager to automatically synchronise contacts in Simple Fund 360 and CAS 360 with Clients in Xero Practice Manager.
“We have had this integration available in closed beta for a few months now, but today we have commenced the roll out to all BGL Simple Fund 360 and CAS 360 clients, says BGL’s Managing Director, Ron Lesh.