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ATO, Compliance & Regulation

ATO lists priorities for future SMSF experience

The ATO has announced a number of priority outcomes for the SMSF sector, including digitising parts of the SMSF process, to be delivered as part of its reinvention over the next four years.

In October last year, the ATO held an SMSF future experience workshop over one day, which was attended by 19 external SMSF representatives and 35 internal ATO staff.

ATO SMSF segment director Craig Blair revealed over 300 ideas were generated.

“We heard a lot of issues, ideas and irritants, and from that we’ve distilled them into a number of high-priority outcomes that we will look to deliver over the next few years,” Blair told a Self-Managed Independent Superannuation Funds Association webinar.

“They are around fixing the basics, which includes implementing online services for trustees and professionals that digitise our forms and processes, and as part of that also simplifying registration and wind-up processes, rollovers and SMSF audit processing.

“In terms of tailored services and assurance, one of the things we heard was that we can continue to improve our web support through self-help products and decision support tools, providing clearer early engagement and voluntary disclosure processes, and giving people timely access to the right stuff at the right time.

He said another priority outcome for the ATO would be partnering with the SMSF segment.

“[We’ll do this] through consultation, engagement and co-design solutions for technical and administrative opportunities that we see and driving improved understanding and compliance through information sharing and joint activities,” he said.

“And we’re also looking to develop integrated digital solutions and building staff capabilities through our industry and our partners to provide access to training and secondment opportunities, providing tools to allow staff to see what SMSFs and their professionals see when they access our systems.”

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