Trustees may have been given wrong ATO notice
Some trustees may have been given a letter from the Australian Taxation Office in reference to a reporting requirement that applies to APRA-regulated funds and not SMSFs.
On its website, the ATO said it has recently written to around 25,000 individuals, and their registered tax agents, who claimed a personal superannuation contribution deduction in their 2019 tax return, and details of an acknowledged notice of intent has not been reported by their fund via the Member Account Transaction Service.
While that is a reporting requirement for funds regulated by APRA and not SMSFs, the regulator said some SMSF trustees and members may have mistakenly received this letter.
The ATO has called on trustees and their tax agents to help them accurately identify personal super contribution payments that are not required to be recorded in the Member Account Transaction Service.
Further, it said that when claiming a personal superannuation contribution deduction in an individual income tax return, it is important to include the SMSF’s full name, the SMSF’s Australian business number (ABN) or tax file number (TFN), and the account number.
“If you are an SMSF trustee/member who received this letter and you have lodged a notice of intent to claim a deduction with your SMSF and received an acknowledgement from your SMSF of the notice prior to lodging your return, you can ignore this letter,” the ATO said.
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.