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

More Articles

TRANSITIONING INTO RETIREMENT: WHAT YOU SHOULD KNOW

Deciding on your retirement funding options comes down to personal choice. . If you’re close to...

Read full article

The Deadliest pandemics in History

Check out the Deadliest pandemics in...

Read full article

Middle-to-higher incomes boosting SMSF growth

The SMSF sector experienced healthy growth over the March quarter, with men and women on middle-to-higher...

Read full article

The superannuation changes from 1 July

The super changes on the way from the start of the 2024-25 financial year. . A number of...

Read full article

Investment and economic outlook, May 2024

Region-by-region economic outlook and latest forecasts for investment returns. . For the last...

Read full article

Downsizer contributions can be time critical

With the expansion of the downsizer contribution, the timing of when it is used can affect how to use...

Read full article

Deeming freeze a win for Age Pensioners

Why the decision to keep deeming rates on hold may be a window for interest rates.   . In...

Read full article

Plan now to take advantage of stage 3 tax cuts

With the stage three tax cuts set to be implemented in around six weeks, opportunities for tax-saving...

Read full article

Sofie Korac is an Authorised Representative (No. 400164) of Prudentia Financial Planning Pty Ltd, AFSL 544118 and a member of the Association of Financial Advisers.

Financial Advice Sydney and the North Shore Office based in Gordon NSW

Financial Services Guide - Disclaimer & Privacy Policy

^