ATO provides further trustee instructions on myGovID

The ATO has provided further instructions for SMSF trustees and directors around how they can prepare their funds for the advent of the myGovID system early next year.

           

 

Trustees will no longer be able to use AUSKey or manage ABN connections through their myGov account to access government online services from 1 April 2020.

The credentials will be replaced with two new digital services — digital identity provider myGovID and Relationship Authorisation Manager (RAM), which allows individuals to link their ABN with their myGovID and act on behalf of a fund online.

After checking their ABN details are up to date in the Australian Business Register (ABR), trustees could now “kick-start the move” for their fund by setting up their myGovID and linking it to the fund’s ABN using RAM, if they are listed as an eligible individual associate on the ABR.

“You can then authorise others to act on behalf of your fund if required,” the ATO said.

Individuals could set up their myGovID by downloading the app for iPhone or Android and using two Australian government IDs including their driver’s licence, passport or Medicare card. Passports with an expiry date up to three years ago would be accepted as one form of ID.

For entities with non-individual associates such as corporate trustees, the ability to commence linking their business in RAM would be available from early December.

“Information for these entities will be available on the RAM website in the coming weeks,” the ATO said.

“AUSKey will continue to be supported while you make the move to myGovID and RAM.”

 

 

Sarah Kendell
26 November 2019
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

^