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ATO set to re-think real-time reporting

Regulation

The ATO is considering adjusting its implementation period for events-based reporting, in the face of feedback from tax professionals about inconsistent reporting time frames and significant administrative hurdles. 

By Miranda Brownlee2 minute read

The tax office had planned to introduce events-based reporting for self managed super funds (SMSFs), commencing rollout with with the lodgement of 2016/17 financial year returns.

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However, there has been significant resistance from SMSF professionals, and it now appears that the ATO will consider adjusting its proposed time frames. 

“[The ATO] is taking on board a lot of the concerns that exist around the current time frames, in particular, the 10-day period after the end of the month,” said the SMSF Academy's Aaron Dunn in a recent webinar. 

One of the key concerns that has been raised by the SMSF industry, he said, is that there are a lot of inconsistencies in respect to the varying reporting time frames for different events.

While he said it is commendable that the ATO has introduced carve-outs to deal with events that would be difficult for SMSFs to report in 10 days such as the commencement of pensions, these inconsistencies are also leading to confusion.

“This inconsistency is really the main issue at the moment, so if I was a betting man, I think we may end up with end of quarter reporting,” said Mr Dunn.

“There is going to need to be a reporting requirement, we’re never going to get away from that, and it’s never going to be just an annual reporting requirement, simply because we need to ensure timely reporting of events.”

 

 

ATO set to re-think real-time reporting
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Miranda Brownlee

Miranda Brownlee

AUTHOR

Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.

Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.

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