One accounting software veteran has hit out at the ATO for putting commercially “unrealistic” expectations on software companies, as it pushes forward with new systems for tax professionals.
The ATO has proposed new standards for software providers which one software head has criticised as “unrealistic” and likely to result in substantial cost.
The current capability of automation within SMSF administration services was not yet at a point where it could be substituted for the judgment of a human adviser, according to a panel of executives.
Advisers and accountants reporting under the transfer balance account report (TBAR) regime for their pension SMSF clients must now be using up-to-date software in their practices rather than spreadsheets, an administrator has warned.
BGL managing director Ron Lesh said the reliability of data feeds continues to be an issue for the SMSF industry.
BGL Solutions is continuing its cloud developments, with 100,000 paid self-managed super funds (SMSFs) now on its Simple Fund 360 offering.
BGL is pleased to announce it has recently passed 100,000 paid SMSFs on Simple Fund 360 and 140,000 paid companies on CAS 360.
During the September quarter, 23,402 funds were added to Simple Fund 360, bringing the total number of funds on its cloud-based software to over 100,000, according to BGL.
The Australian Taxation Office (ATO) has significantly underestimated the complexity of the proposed Transfer Balance Account Report (TBAR) requirements, BGL Corporate Solutions believes.
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.
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