TBAR Functions in Mclowd™ include:
oCalculation of member’s personal transfer balance cap
oIndexation of personal transfer balance cap in line with changes to the general transfer balance cap
oMonitoring of a member’s transfer balance account against the relevant debit and credit events and calculation of any excess transfer balance amount
oCalculation of daily notional earnings when the transfer balance cap has been exceeded
oMonitoring member’s Total Superannuation Balance
oGeneration of the TBAR event file to be lodged via the ATO portals (Business Portal or Tax Agent Portal)
oCancellation of a member event record where errors were made in reporting to the ATO
Mclowd™ does not support:
oManagement of Capped defined benefit income streams
oCalculation of Excess Transfer Balance Tax (the ATO will perform this assessment)
oLodgement via the Practitioner Lodgement Service (PLS) Standard Business Reporting format. This is not expected to be enabled by the ATO until circa Sept 2018.
