Changes made to managing super online for trustees
The Tax Office has revealed a number of changes to its online portal as part of efforts to ease the tracking and managing of superannuation for trustees.
According to a statement, ATO Online screens now display several more contribution types, including:
- employer contributions to defined benefit funds (notional taxed contributions and defined benefit employer contributions)
- non-employer contributions such as personal contributions
In addition, the employer contributions screen now displays contributions from past financial years (2018–19 onwards), allowing you to track your contributions over a longer period.
The ATO said it has also updated the portal to display the limited recourse borrowing arrangement (LRBA) amounts on the total super balance (TSB) screen, meaning trustees will no longer need to manually calculate these amounts.
“Until the recent update, the TSB amount displayed on ATO Online may not have been correct if you were required to include an outstanding amount of an LRBA in your SMSF annual return,” the regulator said.
“TSB amounts on ATO Online now include your share of the outstanding LRBA amounts reported to us, if applicable.”
Adrian Flores is the deputy editor of SMSF Adviser. Before that, he was the features editor for ifa (Independent Financial Adviser), InvestorDaily, Risk Adviser, Fintech Business and Adviser Innovation.