ATO updates online services for SMSF members
SMSF members will now have greater visibility over their super transactions when using myGov, with the ATO adding new features to its online services.
ATO online will now display employer contributions made to an SMSF on the fund transactions screen, the ATO said in an online update.
“Contributions to SMSFs will be displayed as employer contributions rather than one of the four existing contribution categories including super guarantee, voluntary award and salary sacrifice, as SMSFs do not need to report that level of detail,” the ATO said.
The Tax Office said SMSF members can also use ATO online through their myGov account to see their super fund accounts and balances and their total super balance at 30 June of the previous year.
ATO online can also be used to find lost and ATO-held super and transfer amounts into active super accounts, see bring-forward arrangement information for the non-concessional contribution cap, view transfer balance cap details and elect to release money from super to pay for liabilities such as Div 293, and excess contribution tax.
SMSF members can also apply for the First Home Super Saver (FHSS) scheme and see related information including their FHSS scheme tax liability, and establish and view payment plans.
They can also apply to access their superannuation early in the limited circumstances that this is allowed and see super accounts closed on or after 1 July 2018, the ATO said.
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.