ATO signals changes to make SMSF annual returns simpler
The Australian Taxation Office (ATO) has signaled it is changing its data collection systems around self-managed superannuation funds (SMSFs).
The ATO's move was flagged earlier this month in the context of a presentation to the SMSF Professionals' Association of Australia (SPAA), with the assistant commissioner in charge of superannuation, Stuart Forsyth, saying it was possible changes would be made to the SMSF annual return.
Forsyth said the ATO was engaging industry and stakeholders to explore the design of its data collection, with the focus being on minimising the additional reporting requirements placed on SMSFs.
He said he expected the process would run through to 2014.
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