The ATO is ‘screwing over’ SMSF professionals with the proposed event-based reporting requirements.
BGL recently started a campaign, called #telltheATO, aimed at getting the ATO and Government to rethink superannuation event-based reporting, which will require much more information to be reported and much sooner after transactions occur.
Mr Lesh said he started the campaign because he’d “had enough”.
“What I’m saying is the ATO is screwing you over,” he told the BGL RegTech conference in Brisbane.
According to Lesh, there is no basis for event-based reporting in the superannuation legislation or regulations.
“As I’ve said to them, this is Big Brother gone mad,” he said.
“Who’s given them the right to collect all this information? They’ve decided they’re going to do this, and I just think it’s wrong.”
Mr Lesh said he had no problem with the ATO collecting information to comply with the legislation, which sets out a – current – $1.6 million cap. However he does have a problem with asking someone with a $30,000 pension to notify the ATO.
“Why do they need to know that?”
Mr Lesh said the ATO was not listening to people, but only trying to appear to be listening.
Lesh, and BGL, is encouraging people to sign a petition calling on the Government and ATO to rethink event-based reporting.
A sample letter, distributed at the recent BGL RegTech conference, and intended to be sent by attendees to their local member of Parliament includes the paragraph:
I would like you to demand the Assistant Treasurer instruct the ATO to change these draconian reporting requirements. These are the sort of rules one would expect to find in China, North Korea, Cuba or Russia but certainly NOT in Australia
Kelly O’Dwyer was formerly the Assistant Treasurer, but is currently the Minister for Revenue and Financial Services. The Federal Government does not currently have an Assistant Treasurer.