BGL Corporate Solutions has called on the ATO to rethink the new superannuation reporting requirements, labelling them “draconian” and unmandated.
The software firm has launched its #telltheATO campaign, which includes a petition to Assistant Treasurer Kelly O’Dwyer and ATO commissioner Chris Jordan at causes.com.
BGL stated: “We, the undersigned, hereby call on the Assistant Treasurer and the commissioner of taxation to revise the draconian superannuation reporting requirements proposed by the ATO.
“The ATO wants every person in Australia with a superannuation pension to report the start of any pension and for any change in that pension.
“This reporting applies if the pension balance is $50,000 or at the $1.6 million pension cap. We think this is big brother gone mad.
“We think the only pensions that should be reported to the ATO are pensions where a member has a superannuation interest of $1.6 million or greater.”
BGL also demanded the tax office adopt a single date for the reporting of pensions and pension changes, that is, 28 days after the end of each quarter.
“I am very concerned how all these changes affect our clients,” BGL managing director Ron Lesh said.
“The 2016/17 budget changes have already added a huge amount of work for our clients and a huge amount of cost to their clients – these reporting rules are simply going to make things worse.
“Furthermore, it would appear the ATO is making up its own rules here – we have scoured the new legislation and regulations and cannot find anywhere where these reporting requirements are outlined.”
