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Where do super funds think the ATO can improve?
Super funds have shared the areas where they believe the Australian Taxation Office (ATO) could improve its efforts in working with the super industry.
The annual ATO APRA-regulated super fund client experience survey sought feedback on how the industry is working with the ATO.
This year’s responses identified several areas where super funds think the ATO can improve.
The four areas for improvement are:
- Different models of engagement
- Transitioning to more face-to-face meetings and workshops to further increase the value derived from the consultation group
- Providing information beyond newsletters and web content
- Increasing the awareness of the cross-agency process that can be used to discuss the development of new innovative income stream products
- Improving the support provided through the Super Enquiry Service to resolve requests and provide regular updates
- Enhancing web content and searchability to ensure you can access the information you require.
The cross-agency process allows product providers to raise topics or issues arising from innovative retirement income stream products with the government agencies that relate to them and entities that provide them.
The industry also said it is seeking more information from the ATO on super administration and reporting.
However, the industry felt the ATO’s communication channels are working well and information is easy to find, that administration of the system remains stable, and the value of super-related consultation groups is important.
While the value of consultative forums has somewhat decreased from the 2022 results, the ATO said all respondents are still satisfied by the value they derive from them.
The ATO also noted it has set up a super health check with five simple checks that super fund members can do at tax time. This will help them check contact details and TFN, check contributions, lost and unclaimed super, check if they have multiple accounts, and their nominated beneficiary.
This will help members manage their super, understand their entitlements, and make better choices for when they retire.
“It’s never too early to think about your super and the earlier you get on top of it, the better. It’s a good idea to regularly review and manage your super. At the very least, make sure you are getting the super you are entitled to from your employer and know where it is,” it said.
“Small decisions you make today can have big impacts on your final super outcomes.
“For instance, missing out on some employer contributions today, could have a huge impact on your super balance in retirement due to the compounding effect of earnings. The same can happen if you have lost or unclaimed super.”
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
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Could the ATO have a similar process with SMSFs? The removal from ABN lookup for any fund lodged more than 2 weeks late would be great to change, 2 months as a suggestion.
To get them all lodged by 29 May, we need to have all work done by very early in May, and then have staff sit idle for nearly 2 months, noting there's the audit process and getting everything signed to be done.
Removing from super fund lookup in late May is painful for SMSFs, the industry, also employers who have to send year end contributions elsewhere, and the APRA funds can get contributions for a few weeks before an account is closed so tedious for them aswell.