We have received a notification from the ATO to advise that we need to establish an electronic service address just so an employer can advise us that they have deposited funds into our SMSF.
I find this rather odd, if it was required by the ATO for services then that may make sense, but the world of commerce gets along quite nicely using fax, snail mail or email for transactions far larger than and more important than SMSF contributions.
I really don't understand why SMSF's have to bear an extra cost to replace something that has worked for years with something that is just as susceptible to being lost in cyber space as that which it replaces.
If one was a fully qualified accountant one could simply check the SMSF bank statement and say "Good, the Super contribution is there" like we have been doing for 20 years but obviously we are all idiots so that can't be allowed to happen.
Perhaps it is just another way to discourage those horrible people with SMSF's who refuse to donate to the ever growing gravy train of the financial institutions and compulsory super contributions.
For our convenience they provide a link of people we can give our money to so they can receive the email which was previously unnecessary to tell us the deposit has been made to our bank account.
http://www.ato.gov.au/Super/SuperStream/In-detail/Contributions/SMSF-messaging-service-providers/
More wasted time and money
I find this rather odd, if it was required by the ATO for services then that may make sense, but the world of commerce gets along quite nicely using fax, snail mail or email for transactions far larger than and more important than SMSF contributions.
I really don't understand why SMSF's have to bear an extra cost to replace something that has worked for years with something that is just as susceptible to being lost in cyber space as that which it replaces.
If one was a fully qualified accountant one could simply check the SMSF bank statement and say "Good, the Super contribution is there" like we have been doing for 20 years but obviously we are all idiots so that can't be allowed to happen.
Perhaps it is just another way to discourage those horrible people with SMSF's who refuse to donate to the ever growing gravy train of the financial institutions and compulsory super contributions.
For our convenience they provide a link of people we can give our money to so they can receive the email which was previously unnecessary to tell us the deposit has been made to our bank account.
http://www.ato.gov.au/Super/SuperStream/In-detail/Contributions/SMSF-messaging-service-providers/
More wasted time and money
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