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Finalisation of TBAR requirements for SMSFs

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Episode 24 – Finalisation of TBAR requirements for SMSFs

The Australian Taxation Office (ATO) has recently finalised the approach for SMSFs to comply with the introduction of reporting various debits and credits against a member’s transfer balance cap. It has been a process of going back and forward with the industry, with the ATO having initially landed on a decision, only to be taken to task over the additional cost and compliance burden that was being imposed, not only on trustees, but the professionals who have endured enormous workloads due to the reforms, in addition to the ongoing problems with stability of ATO systems.

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Should there be truth in advertising in the SMSF software industry?

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One of the things I think is very important for software sales people today is that they tell the truth. If they don’t know the answer to a question, they need to find out. If asked about a competitor or a competitors product, they should sell the benefits of their software and suggest to the customer to discuss the competitors product with the competitor. Usually this works OK – but certainly it is what I expect of my sales team.

Others however, do not work the same as BGL. Maybe that is why BGL has survived for over 30 years while others are simply passing by until they are gobbled up or taken over. I suppose time will tell.

But the one thing I hate is businesses that are simply dishonest. Not only are they dishonest, but they are deliberately dishonest.

If I was buying SMSF software today, I would check very carefully the claims made on websites. I would check very carefully what the supplier says their software will do, is actually the truth. I would not be conned by too good to be true offers which contain material that a court may find is false and misleading.

BGL has prided itself over the years on having a strong culture of honesty. It is core to what we do. Unfortunately, not all our competitors think the same way. Some will do ANYTHING to make the sale as “getting the numbers” is the only thing important to them. Luckily at BGL we don’t have a share price to worry about. We don’t have to “get the numbers” each quarter to survive.

It has often been said “buyer beware”. I don’t however think the buyer should need to check the honesty of a software suppliers website…