Portal for NCC balances set for release
A new online portal will soon be available for tax agents to request non-concessional contribution balances for their clients.
From late August, the ATO’s ‘tax agent portal’ will have a new function called ‘NCC balance’.
“You can use this mail topic to request the reported non-concessional contribution balances for your clients,” the ATO said.
“You will be able to request balances for a specific list of clients or for all clients. The new mail topic makes requesting and processing balances easier and quicker.”
Speaking to SMSF Adviser, SuperConcepts general manager for technical services and education, Peter Burgess, said while this is ultimately a good move, there are still some questions that need answering.
“While this is a good initiative by the ATO and will make accessing this information easier for the client’s individual tax agent, it’s not clear whether other entities, such as the fund’s tax agent, will have the same access,” Mr Burgess said.
“If this access is only available to the client’s individual tax agent other entities, such as fund administrators, may still face problems accessing this information on their client’s behalf.”