ATO Portal – see the opportunity

With the ATO looking to “redistribute” some of the funds from “lost super” that have been accumulating over the past decades, this provides an opportunity for accountants and tax agents to get pro-active with their clients.  Have you seen the new pages in the ATO Portal (the new portal) – that has the information about your client’s superannuation?  Not only does it provide you with the information about where their superannuation is and the balance (granted some are only showing the 30 June 2018 figures at the moment) – but it also will give you some information about whether there is insurance attached to the super and also the member number.

If you are an accountant / tax agent and also have a financial planning association, then this is an opportunity for some immediate value add by talking to your clients about where their superannuation is and what the other alternatives might be for them.  Have they thought about consolidating, or is a SMSF something worth considering?

Let’s try to be pro-active with discussing this information with our client rather than just having the “surprise” when the ATO write to them saying they have lost super – which we would have been able to see all along (not a good look).   Money from lost super is starting to flow now, with potential small refunds to clients personally when the amounts are less than $200 or where the client is over the age of 65.

Given this information is now so transparent, you should also be aware the industry funds are also getting all sorts of information from the ATO about your clients as well, so wherever we can be on the front foot with our clients the better.

We need to add value to the client’s situation, get them engaged with their superannuation and their broader wealth creation journey where we can.  Let’s proactively start these discussions and have this impact be a force for good for our clients.

If you are looking for some assistance on how to use this information or what you can and can’t say without a financial planning licence, feel free to get in touch with TAG and we can talk you through the issues and options.  Perhaps having a strategic alliance will work for you – TAG are always looking for pro-active accountants who genuinely care about their clients and want a transparent service offering.

If you have any questions, please don’t hesitate to contact me regarding these changes.

Michelle Griffiths
Partner – Investment Advisory & Wealth
michelleg@tagfinancial.com.au

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Disclaimer: The information contained is general in nature. Professional advice should be sought before acting on any aspect on this page.