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Super Alert: Australian Taxation Office survey

15 September 2020

Paul Rafton , National Leader, Superannuation |

The Australian Taxation Office (ATO) is seeking insight into how many Self-Managed Superannuation Fund (SMSF) trustees are aware of, using, or intending to access the COVID-19 stimulus measures that allow the halving of minimum pension drawdown amounts.

For this reason, the ATO has engaged market research companies, GFK Australia and Glow Platform, to survey SMSF trustees.

Like many SMSF trustees, you may have already received an invitation to take part in the survey and are unsure of its legitimacy.

The confidential survey provides the ATO with importmant information about the SMSF sector and asks SMSF trustees whether they:

  • Are aware the minimum pension payment factors for the years ended/ending 30 June 2020 and 30 June 2021 have been halved (e.g. 4% standard minimum pension is now 2% for 30 June 2020 and 30 June 2021)
  • Took up the option to reduce the minimum pension payment for the 2020 financial year, and if so why
  • Intend to reduce the minimum pension payment for the 2021 financial year, and if so why
  • Sought any advice during the past 12 months from either the ATO, auditor, accountant/tax agent or financial adviser.
  • Survey participation is not mandatory and it at the choice of each trustee.

BDO will be providing feedback directly to the ATO to highlight the survey request may be causing some SMSF trustees unnecessary concern.

If you have any questions about the legitimacy of the email, please contact the ATO directly or speak to your BDO adviser today