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 is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.