ATO pushed to improve access to lost super information
Given the implications that lost super can have on a client’s total superannuation balance, one administration firm is calling on the ATO to give SMSF professionals better access to this information.
Over the past few months, SMSF professionals have been vocal about the hurdles they’ve been encountering due to the limited access they have to information about their client’s total superannuation balance.
Another area where it is difficult to access information for clients is lost super.
Keep It Simple Super director Julie Taylor said that her firm used to check lost super as part of the onboarding process through the super seeker tool, but this has now all been moved to MyGov.
Ms Taylor said that it is difficult to know what clients have out there and there may be lost super amounts that will be included in the calculation of their total superannuation balance.
With the information now on MyGov, information can only be accessed by the client logging into their account and downloading the information.
“I just don’t think everyone is engaged with MyGov. When we’re talking to advisers, often their client won’t have MyGov and then they’ve got to run through the process of getting them on there.”
Ms Taylor said that it would be far easier if the ATO had this information on their systems so that every professional dealing with the fund is able to access that data.
“We’re relying on the client to know what they’re doing with the MyGov account, and realistically not all clients have computers. There are a large proportion of SMSF clients that are older and they have to go to the library to hook up to their MyGov account,” she said.
“[Due to] the practicalities of it, I think it’s definitely far better if the parties that they’re dealing with can look after all of that instead of the poor old client having to go and look for it.”
Miranda Brownlee
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 also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.
