SMSF members now have visibility of their super transactions using ATO online, via MyGov. The ATO says that this greater visibility of super will help Australians have more control over their retirement savings, including the ability to identify if their super is not being paid.
Displaying employer contributions for SMSF members
- ATO online will now display employer contributions made to an SMSF on the Fund Transactions screen
- Contributions to SMSFs will be displayed as Employer Contributions rather than one of the four existing contribution categories (Super Guarantee, Voluntary Award, and Salary Sacrifice) as SMSFs do not need to report that level of detail.
SMSF members can see and do the following using ATO Online via MyGov
- see employer contributions reported by their super fund
- see their employer’s Super Guarantee obligations on their income statement
- see their super fund accounts and balances, and their total super balance as at 30 June of the previous year
- find lost and ATO-held super and transfer amounts into active super accounts
- see bring forward arrangement information for the non-concessional contribution cap
- view transfer balance cap details
- elect to release money from super to pay for liabilities such as Div 293, and excess contribution tax
- apply for the First home super saver (FHSS) scheme and see related information including their FHSS scheme tax liability and establish and view payment plans
- apply to access some super early (in limited circumstances)
- see super accounts closed on or after 1 July 2018.