Login
ATO set to change historic data access process
The ATO has announced plans to change the process for calculating historic non-concessional contributions records by July this year, following backlash to the proposed $500,000 cap dated back to 2007.
Mid-tier firm HLB Mann Judd has already cited issues with obtaining historical contributions records from the ATO for clients.
"We were on the phone for 20 minutes and their record was $195,000 different to what our records were, and that was after 20 minutes," said HLB Mann Judd partner of wealth management, superannuation, Michael Hutton.
Currently, the ATO calculates the amounts manually, based on information from funds, income tax returns and excess contribution amounts released from funds.
The ATO announced this week that it has been receiving requests for non-concessional contributions records for SMSF clients, and plans to "simplify the calculation process" before 1 July.
"If individuals and funds have met their lodgment obligations, we can calculate amounts for the period 1 July 2007 to 30 June 2015," the ATO said.
"To help us provide information within a few business days to those with a critical need, we ask that you prioritise your clients' requests."
Read more:
BT eyes further growth in SMSF sector
New SMSF app launched for trustees
New assessment service launched for licensed accountants
BGL acts following proposed lifetime cap
Subscribe to the
BULLETIN
Get the latest news and opinions delivered to your inbox each morning
Subscribe
