The SMSF Association (SMSFA) has called upon its members to provide feedback on the SMSF annual return (SAR) as part of a plan to review the return model with the ATO and implement changes, including better integration with technology platforms.
SMSFA policy manager Franco Morelli told selfmanagedsuper the association was looking at providing valuable input into a significant review of the SMSF annual return, which had not been reviewed in several years.
“The key areas where we see improvements can be made is in the opportunity to collect meaningful data. For example, obtaining more granular and relevant expense data that will help policy, understand the industry and provide comparisons to APRA (Australian Prudential Regulation Authority) funds,” Morelli said.
“A big part of this will determining if there are any possibilities to integrate the SAR requirements with the reporting requirements of existing SMSF software platforms.
“At the same time, a review can help reduce the administrative burden and costs on advisers and trustees by streamlining reporting requirements.”
The introduction to the survey, which has been sent to SMSFA members, stated the results will be used by the industry body to approach the ATO and jointly work on improving the lodgement process.
The survey covers each section of the SAR and allows respondents to add improvements or changes they would like to see and also asks if SARs from the member align with reporting codes in SMSF software. SMSFA members wishing to participate in the anonymous survey have until 5pm on 18 May to do so.
In March this year, the ATO reminded trustees of changes to the SAR which will now include a new label affecting funds with limited recourse borrowing arrangements (LRBA) and the removal of the Death Benefit Increase Deduction label as SMSFs could no longer claim a deduction for a tax saving amount paid on the death of a member.
