ATO offers record-keeping assistance

The ATO has notified advisers they can request information from the SMSF regulation body regarding their clients’ total superannuation balance in order to determine compliant contribution strategies in the lead-up to 1 July.

While the ATO has offered this information for advisers, it has admitted its information may not be up-to-date as it is compiled from superannuation fund reporting. The regulator noted if the lodgement of fund information is not current before the request for total superannuation balance information is made, then the data provided may not be accurate.

The balance status for clients using the non-concessional bring-forward provision was a subject selected for specific reference.

“If a practitioner’s client has triggered the bring-forward period in 2015/16 or 2016/17, but not fully used their bring-forward amount before 1 July 2017, transitional arrangements will apply,” the ATO said.

“The ATO can provide current bring-forward arrangement and remaining cap balance information which will reflect the reduced annual contribution caps.”

Advisers can request client total super balance information via ATO portal mail using the mail topic “NCC Balance”.

“They can request the total superannuation balance and bring-forward information for all linked clients or specific clients, but need to provide the relevant tax file numbers (TFNs),” the tax office advised.

“For requests with more than 10 clients, they should include a spreadsheet of TFNs.”

The ATO has informed advisers all of these types of requests will be actioned within 28 days.

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