The SMSF Association and the Australian Taxation Office (ATO) have signed a statement of intent to formalise the relationship between the regulator and the industry, making it the first time a regulator and the industry have formally collaborated.
In an announcement made at the 2017 SMSF Association in Melbourne last week, ATO tax commissioner, Chris Jordan said the was agreement intended to formalise the existing relationship between the two bodies to collaborate to understand each other’s needs.
“As the regulator, not just a tax collector, it puts us in a very specific role with you and with the SMSF Association being the peak body, it’s so important for us to understand your needs, understand how we can make it easier, understand how we can make your life a bit quicker in compliance and reduce red tape,” Jordan said.
“This statement of intent is meant to formalise what we have as a great, honest, trusting relationship and have frank discussions to provide solutions so you can do your work in the most efficient way.”
SMSF Association head of policy, Jordan George, said the agreement involved information sharing and the ability to update the ATO with member issues including regulation and compliance issues, and dealing with the ATO.
It also involved sharing of research with the ATO to aid them in gaining a comprehensive understanding the SMSF sector, and data sharing by the ATO with the association to provide members with information with the SMSF market.
The agreement also involved coordinated marketing and communications for professionals and trustees. “One of the other areas is knowledge: so for us it’s helping ATO staff come to things like our conference, undertake some of our courses, and accreditation so they can have similar education to what we’re providing education to work in the fields,” George said.
Chief executive and managing director, Andrea Slattery, said: “This opportunity is a first. It’s very very important. It’s showing visibility and credibility within the industry”.
