Introduction
In this article, we will guide you through TBAR and ATO Lodgments. It is recommended that you complete the Key Learning Modules and refer to the Key Learning Articles for more guidance and steps.
Best Practice Processes
There are a number of things that you can lodge directly on Class to the ATO for SMSF entities. The SMSF Annual Return, Activity Statements and PAYG Withholding. Lodging these on Class (rather than an alternative software) saves time, reduces the risk of errors and ensures that all your SMSF lodgments can be easily located in the same place. You can also manage your practice's lodgment obligations through the Activity Statement Console and the Tax Lodgment Console.
It is not yet possible to lodge TBAR directly through Class to the ATO, the current process is to generate a file of all the TBAR records that are ready for lodgment at the Business Level TBAR Console and lodge this file through the Tax Agent Portal (TAP).
It is best practice to generate TBAR files no more than once a month to reduce the number of time you need to lodge files. Once you have lodged the file in the TAP you should record the date and reference number in Class against that file for your historical records.
Key Learning Modules
The Key learning Modules for Periodic Processing are listed in the below table and what you learn.
You need to complete the Class Fundamentals Course in order to progress to the below-listed course.
| Module Name | What this Module Covers |
|---|---|
| Event-based reporting on TBAR |
|
| ATO Lodgement |
|
Key learning Articles
Links to recommended articles for this section.
| Article | What's in this article |
|---|---|
| TBAR Console | This article explains the TBAR Console at the business level and how you can generate a file to lodge on the ATO. |
| Manual TBAR Event | This explains the different events that Class does not automatically create and which need to be created manually. |
| Tax Finalisation and Generating the Tax Return | This article explains how to generate the Tax Return and validate it. |
| Lodging an Annual Return | This article explains how to lodge and review the status of all the tax returns. |
More Resources
Webinar: We have a Webinar on the TBAR take a look at Event-Based Reporting and TBAR
Best Practices: Learn More about Best Practice by reviewing the Best Practice Processing article.
What's Next?
Check out the next step 10 - Year End to learn all the steps required around Year-End.