29 Jul 11 On new TFN reporting
MEMBER 128 writes:
"What genius in the ATO came up with these new TFN reports? Don't we have enough to do without this duplicating paperwork, surely we (and the ATO) have enough work to do without having to comply with these new TFN reporting rules? Can we all work to get this rubbish scrapped! If not, let us all start a campaign by lodging as many of these useless TFN reports by paper for as many of our clients we can and see how the ATO like spending masses of time on useless paperwork."
THE TAX INSTITUTE'S TAX COUNSEL TAMERA LANG COMMENTS: The TFN reporting rules were implemented as a result of a Government announcement in the 2009 Budget. The provisions require (amongst other things) for trustees to report the TFNs quoted by beneficiaries to the Commissioner in the approved form.
There are numerous problems with the way the provisions operate and with the way the ATO administers the law. The Tax Institute has been actively consulting with the ATO for almost a year on administration issues, via the ATO Tax Practitioner Forum and the specialist project team that is dealing with the new regime. Whilst the reporting regime itself is likely to be here to stay, we will continue to work to ease the compliance burden that is being placed upon tax agents and their clients.