SMSF administration business BGL Corporate Solutions has launched two new artificial-intelligence powered tools for SMSF reporting.
In a statement, the company said SMSFs with changes to pension accounts will be required to report to the ATO on a quarterly basis after 1 July, a requirement the company said “demands a high level of control in SMSF admin”.
“Clients who have not automated their SMSF administration will find meeting the new reporting requirements rather difficult”, said BGL managing director Ron Lesh.
In response, BGL has released its transfer balance account report (TBAR) Management Dashboard and TBAR Multi Fund File Reporting through its Simple Fund 360 trustee software.
Both TBAR services utilise artificial intelligence to support SMSF administrators with their reporting processes.
“The Simple Fund 360 team has built a simple transfer balance dashboard and a TBAR Management Dashboard to help clients manage the TBAR processes. Clients can review member accounts, determine reporting requirements, prepare TBAR files and lodge TBAR files for multiple funds with the ATO”.
The software can monitor member accounts, show the balance of each, and uses all the available data to determine TBAR reporting due dates for all funds, the statement said.