21 Mar 13 A Work Creation Scheme?
MEMBER 45 writes:
"For many years we prepare and lodge Income Tax Returns for client SMSFs, complete with full details of each member, and their TFNs. Nothing remarkable about that.
We believe the ATO computer has full and complete details of all members of our clients' funds.
The ATO has introduced a 'Member Verification System', which doesn't speak to the system that handles Income Tax Returns. So when any client wishes to rollover their benefits from an institution to an SMSF, there's another whole process to inform the ATO so that this 'Member Verification System' can work correctly. (Institutions refuse to rollover benefits if membership check fails in MVS.)
To update the MVS, there's a Change of Details form (NAT 3036) of about 12 pages that must be completed for each fund (when ordering, there's a limit of 5).
Why can't the ATO use details from the most recently lodged Income Tax Returns for ALL their systems?
Also, does the ATO ever consider the unnecessary work created for themselves, accountants, and clients, by having multiple systems that don't interrelate?
Silos within silos."