A new guide aimed at helping superannuation funds to lodge accurate and complete returns and reports was launched by the Minister for Revenue and Assistant Treasurer, Peter Dutton, today.
Peter Dutton said the new Better Practice Guide, produced by the Australian Tax Office, will assist trustees, managers and staff in the superannuation industry by using examples, case studies and checklists to highlight key points and lodgement issues covering the:
- member contributions statement
- reasonable benefit limits report
- lost member register report, and
- departing Australia superannuation payment annual report.
“The better practices in this guide can add further value to existing procedures and checklists used by managers and staff in administration and reporting roles,” Mr Dutton said.
“In particular, it provides good general advice for trustees and administrators that will assist them in managing a successful implementation of the superannuation proposals that the Government announced in the budget.”
The Better Practice Guide has been developed after consultation with the superannuation industry and detailed user testing with superannuation funds and administrators.
“Superannuation funds and administrators could review their existing procedures and use the tools provided in the Better Practice Guide to improve the accuracy and completeness of their superannuation reporting, where appropriate. Ultimately this will benefit super fund members.”
Copies of the Better Practice Guide are available on the Tax Office website at www.ato.gov.au/super/betterpracticeguide, or by phoning 13 10 20.