BGL challenges to ATO’s proposed new superannuation reporting

By July 28, 2017 Homepage, News

BGL would like the ATO to rethink the new super reporting requirements. We think they are draconian and can find nowhere in the new legislation where they are mandated.

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BGL’s #telltheATO campaign includes a petition to Kelly O’Dwyer, Assistant Treasurer and Chris Jordan, Commissioner of Taxation at causes.com.

“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 $1.6m 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 $1.6m or greater. Furthermore, we demand the ATO adopt a single date for the reporting of pensions and pension changes. We think this reporting should be 28 days after the end of each quarter” signed BGL Corporate Solutions.

“I am very concerned how all these changes affect our clients” said Ron Lesh, BGL Managing Director. “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,” says Lesh. “We have scoured the new legislation and regulations and cannot find anywhere where these reporting requirements are outlined.”

You can Support BGL’s petition on super reporting at causes.com (link http://bit.ly/telltheATO). It is time to #telltheATO enough is enough.

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