The ATO is looking to roll out its member verification service to ensure secure transfers in late 2019 as part of the extension of SuperStream to SMSFs.
ATO assistant commissioner Dana Fleming told the Class Connect 2018 conference in Sydney today that the ATO is consulting with stakeholders on the service to stamp out any issues early on in the piece.
Fleming hailed the federal government’s decision in May to roll out SuperStream to SMSFs, stating it will more than likely meet the data-stream standards of processing data in three days, which she said is a considerable improvement for most SMSFs.
“It will of course reduce processing costs and remove those manual labour-intensive processes,” she said.
She also addressed the issue of the government’s proposal for a three-year audit cycle for complying SMSFs with strong record-keeping, saying the tax office cannot reveal much at this point as the consultation period only concluded on 31 August.
“All we know is what was in the budget announcement and that it is intended to be a concession for SMSFs who have good compliance history with their lodgements all up to date and good record-keeping as well,” she said, adding there will also be no need for an audit contravention report.
“How that looks in its final form Treasury obviously is working through that at the moment,” she said.
