Access rights for this designated role would be limited to viewing information, leaving other responsibilities like altering personal details or lodging tax returns to the primary tax agent. SMSFA's CEO, Peter Burgess, stressed the significant need for advisers to gain access to ATO client information, arguing it is essential for providing accurate and timely financial advice.
Financial advisers must consider all aspects of a client's circumstances, which necessitates access to personal and ATO-held data. The complex nature of superannuation regulations means that advisers need precise information to avoid costly errors for their clients.
The submission also addresses the challenges faced by SMSF administrators, entities specialising in SMSF accounting and tax services. Despite their status as registered tax agents with access to ATO's online services for SMSFs they manage, crucial data about fund members remains inaccessible unless they are also the member's individual tax agent.
This lack of access hinders the ability of financial advisers and SMSF administrators from providing comprehensive advice and avoiding inadvertent superannuation cap breaches. The SMSFA points out that the problem mirrors the issues faced by registered tax agents who provide specialised services, where distinct agents may handle the SMSF and personal taxation of an individual.
Key to the SMSFA's concerns are barriers that prevent viewing information vital to servicing client needs, such as individual transfer balance accounts and superannuation contribution caps—data critical for precise event reporting and pension management.
The association argues that facilitating access for SMSF administrators would bolster the accuracy of the services they provide, reduce reporting errors, and enhance the client information about superannuation tax affairs.
The Joint Associations Working Group (JAWG), which includes the SMSFA, also supports extending ATO portal access to financial advisers, highlighting the substantial benefits for both advisers and clients. JAWG emphasizes that comprehensive access to client financial data is essential for delivering effective retirement and financial advice, given that superannuation is often a client's largest asset.
The JAWG stresses the importance of understanding income sources and superannuation balances, especially following the introduction of new regulatory measures like the Transfer Balance Cap and Total Superannuation Balance requirements, as reliable data is pivotal in avoiding inappropriate advice and related costs.
