The ATO is “screwing you over” on event-based reporting, says BGL

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.

Related: SMSF event-based reporting “draconian”, no basis in legislation: BGL

Mr Lesh said he started the campaign because he’d “had enough”. Read more...

SMSF event-based reporting “draconian”, no basis in legislation: BGL

BGL says the new event-based reporting requirements are “draconian”, and that it can’t find where in the legislation the new rules are mandated.

BGL – which makes Simple Fund 360, among other software –  has launched a campaign, called #telltheATO, and started a petition to go to Minister Kelly O’Dwyer and the ATO Commissioner, in the hopes that the ATO will rethink its position.

Under event-based reporting super funds, including SMSFs, will be required to report more information to the ATO, and much sooner after the events occur. Read more...