ATO set to release guidance targeted for SMSF clients
In the coming weeks, the ATO will be distributing letters and guidance notes designed to help practitioners explain issues relating to the superannuation reforms to clients, says a technical expert.
The ATO will be releasing communications from May onwards. These communications include member targeted letters and guidance notes that practitioners can use to help explain issues to clients, Australian Executor Trustees senior technical services manager Julie Steed told SMSF Adviser.
The detailed guidance will cover topics including dealing with the transfer balance cap, death benefits and the transitional CGT relief.
Ms Steed said the guidance will also cover topics such as payment splits with the new total super balance, changes to the personal super contributions and the spouse offset.
“The ATO has indicated that they’re designed to help practitioners in discussions with their clients and they’re in as plain English as you can make,” she said.
“I actually think the ATO have done a really good job in terms of the communications they’re preparing and if you consider about how long it used to take to get anything of a technical nature out of the ATO, it used to take years.”
In terms of the guidance produced for SMSF practitioners, all the law companion guides have been practical and helpful and have been produced in a fairly timely manner, Ms Steed said.
“The trade-up for that is that there have been a couple of small technical errors but as soon as they were identified and sent back to the ATO, they were fixed immediately.”
MIRANDA BROWNLEE
Wednesday, 26 April 2017
smsfadviser.com
Latest Newsletters
Hot Issues
- Aged care report goes to the heart of Australia’s tax debate
- Removed super no longer protected from creditors: court
- ATO investigating 16.5k SMSFs over valuation compliance
- The 2025 Financial Year Tax & Super Changes You Need to Know!
- Investment and economic outlook, March 2024
- The compounding benefits from reinvesting dividends
- Three things to consider when switching your super
- Oldest Buildings in the World.
- Illegal access nets $637 million
- Trustee decisions are at their own discretion: expert
- Regular reviews and safekeeping of documents vital: expert
- Latest stats back up research into SMSF longevity and returns: educator
- Investment and economic outlook, February 2024
- Planning financially for a career break
- Could your SMSF do with more diversification?
- Countries producing the most solar power by gigawatt hours
- Labor tweaks stage 3 tax cuts to make room for ‘middle Australia’
- Quarterly reporting regime means communication now paramount: expert
- Plan now to take advantage of 5-year carry forward rule: expert
- Why investors are firmly focused on interest rates
- Super literacy low for cash-strapped
- Four timeless principles for investing success
- Investment and economic outlook, January 2024
- Wheat Production by Country
- Time to start planning for stage 3 tax cuts: technical manager
- Millions of Australians lose by leaving savings in default MySuper funds
- Vanguard economic and market outlook for 2024: A return to sound money
- An investment year of ups and downs
- How to tame the market's skewness
- The Countries that Export the Most Wine in the World
- Tips for preparing for the best tax outcomes
Article archive
- October - December 2023
- July - September 2023
- April - June 2023
- January - March 2023
- October - December 2022
- July - September 2022
- April - June 2022
- January - March 2022
- October - December 2021
- July - September 2021
- April - June 2021
- January - March 2021
- October - December 2020
- July - September 2020
- April - June 2020
- January - March 2020
- October - December 2019
- July - September 2019
- April - June 2019
- January - March 2019
- October - December 2018
- July - September 2018
- April - June 2018
- January - March 2018
- October - December 2017
- July - September 2017
- April - June 2017
- January - March 2017
- October - December 2016
- July - September 2016
- April - June 2016
- January - March 2016
- October - December 2015
- July - September 2015
- April - June 2015