The ATO has introduced new features to the online service, myGov, which will give SMSF members more control and visibility over their retirement savings, including the ability to identify if their super is not being paid.
The online service will display employer contributions made to an SMSF on the fund transactions screen.
“The 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,” it stated.
The service will allow SMSF members to see their super fund accounts and balances and their total super balance at 30 June of the previous year.
Members can also see their employer’s super guarantee obligations on their income statement.
The online service can be used to find lost and ATO-held super and transfer amounts into active super accounts, and see bring-forward arrangement information for the non-concessional contribution cap.
Members can view their transfer balance cap details and elect to release money from super to pay for liabilities such as Division 293 and excess contribution tax.
Members can also apply to access super early and view super accounts closed on or after 1 July 2018.
SMSF members need to link their myGov account to the ATO to use the ATO online service via my.gov.au.
