The current system allows only tax and BAS agents to access ATO information on behalf of clients, creating an administrative bottleneck for advisers. O'Reilly passionately advocated for the change, noting that it would greatly facilitate the financial planning process for both advisers and their clients across the nation.
In January, the Treasury released a consultation paper titled "Review of Tax Regulator Secrecy Exceptions" to explore the possibility of extending access to registered financial advisers. Despite this, concerns were raised about the costs and cybersecurity implications of developing a platform to accommodate a relatively small number of financial professionals.
Nevertheless, the industry has largely supported the initiative, arguing that the benefits to clients far outweigh the costs. Many believe that cybersecurity fears are misplaced, pointing to the potential for reduced delays and expenses, which aligns with the Financial Advice Association Australia's earlier assertions that better outcomes for consumers seeking financial advice would result from such an access provision.
O'Reilly emphasised that financial advisers do not require full portal access but rather limited read access to essential data. This targeted access, he argued, would streamline processes without significant risk or expense. He also noted the ATO's recent leniency regarding contribution caps as a positive development offering some relief to those navigating the superannuation environment at EOFY.
Overall, the collective call within the industry is for a pragmatic approach that acknowledges both the potential administrative burden and the tangible benefits to consumers. Whether this proposal gains traction could significantly impact the landscape of financial planning in Australia, providing a more seamless EOFY experience for all involved.
