The report notes that over the planning period, the ATO will be looking to greater provision of online services by adopting new technology.
“The compliance of SMSFs with their regulatory and income tax obligations is a significant element in the integrity of the superannuation system,” the corporate plan said.
“Over the planning period, we will be expanding our suite of online tools and adopting new technology, including mobile device apps, to assist trustees and approved SMSF auditors.”
The tax office noted it would be using technology to improve trustee knowledge through the “provision of web materials, publications and tools, such as the new SMSF videos and webinars”.
The ATO also mentioned an SMSF compliance program to “review both contraventions reported by approved SMSF auditors and risks identified through data holdings”.
The SMSF Academy’s Aaron Dunn said the corporate plan highlights the importance of technology in the ATO’s future approach.
“It is apparent that transformational change is upon the Australian Taxation Office, with technology playing a vital role in the future direction to automate and lift engagement with taxpayers and professionals,” Mr Dunn said.
“The current Commissioner appears committed to a sizeable cultural shift with the ATO and a low-touch approach for most taxpayers.”
The one gaping hole that exists which would help trustees & ATO simultaneously would be for an etax type alternative to exist for both to take advantage of each year PROVIDING a set of conditions existed or could be met. SUCH AS (for example) Totally retired, Maximum balance of say K$200, all in Aust shares or banks & paying above the specified pension for ones age. I estimate perhaps half the SMSF pensioners would comply so as to avoid the time consuming toil, audits etc that are currently required to satisfy the ATO’s annual tax return