The SMSF Association and Australian Tax Office (ATO) have announced a three-year strategic partnership, effective 15 February 2017.
In a statement of intent released today, the Association and ATO outlined their intentions to work together to ensure effective regulation and integrity of the SMSF sector.
SMSF Association Managing Director/CEO Andrea Slattery says the partnership is a landmark agreement between the key regulator in the SMSF sector and the recognised peak body.
“The goals are to work in partnership to improve and maintain the integrity and professionalism of the SMSF sector and focus on enhancing industry knowledge and competency, with trustees being a major target,” Mrs. Slattery says.
“We are also committed to work together to be able to influence the right behavior.
“What this means in practice will be developing the knowledge and competency of SMSF professionals and trustees; undertaking shared research and knowledge projects; actively seeking opportunities for joint and complementary communication; and improving efficiency in the dealings between the SMSF sector, the regulator and government.”
“The collaboration of the Association and ATO will ensure the delivery of high-quality education and information services for SMSF trustees and the wider financial services sector.
“The support and commitment of the ATO to the SMSF sector will further enable us to implement our vision of allowing Australians to take greater control of their own retirement destiny through a sustainable SMSF community.”
The Commissioner of Taxation, Chris Jordan, AO, says productive partnerships with industry bodies such as the SMSF Association are key to the ATO being a leading tax and superannuation administration. “This is a clear example of the way we work collaboratively with industry to ensure community trust and confidence in the tax and superannuation systems.”
“The SMSF Association, members and advisors should be proud of the positive relationship that they have developed with the ATO. The statement of intent formalises this strong foundation and is a commitment by the ATO and the SMSF Association to deliver joint activities which contribute to ensuring the integrity of the SMSF sector,” Mr Jordan says.
“This partnership will improve our ability to manage compliance, support trustees and implement policy by working together to share information, increase efficiency, minimise regulatory intervention and build on professionalism within the sector.”