Smarter SMSF chief executive Aaron Dunn said this means that working with specific trustee clients is going to be critical where regular event-based reporting is expected to occur within the fund.

The survey found that 58 per cent of practitioners do intend to work collaboratively with their SMSF clients to ensure that reporting obligations are met.

Around a third of practitioners or 34 per cent plan to use data feeds and other up-to-date information to take responsibility of TBAR for their clients.

Mr Dunn said ensuring that clients are provided with up-to-date and continuing education about the impact of the new reporting requirements is fundamental.

“For some clients, no longer is it simply acceptable to make decisions as part of the year-end process such as the timing of pensions and how to allocate payments,” he said.

“Therefore, building a system to work collaboratively with your informed client will be the panacea to your ongoing successful client relationship.”

Mr Dunn also stressed the need for practitioners to have an established process for dealing with the event-based reporting requirements.

“From the survey, 61 per cent of practitioners indicated that they will look at dealing with the TBAR for clients on a case-by-case basis, with only one in three practitioners suggesting that clients need to comply with their processes,” he said.

“In my view, to not have established processes in dealing with the new event-based reporting requirements is flawed with danger. It promotes inefficiencies in how the work is to be completed, which becomes unprofitable for your business, but most importantly runs the risk of errors that ultimately reflect upon your client relationship.”