The Australian Taxation Office (ATO) has issued a new Better Practice Guide, which it says is designed to assist medium to large superannuation funds in improving their administration processes.
The ATO claimed the guide would help funds assess the current status of their administration and reporting practices and, where necessary, set up action plans for improvement.
It said that it was confident that using the guide would help superannuation providers reduce the number of complaints they received from members and minimise both reporting errors and the costs associated with re-reporting.
The ATO said the practice guide focused on five reporting obligations — the member contributions statement, the reasonable benefit limits report, the departing Australia superannuation payment annual report, the pay as you go withholding payment summary annual report and the lost member register report.
The guide also suggested six better practices to achieve efficient and effective administration and reporting processes.
The ATO said the guide included case studies and handy tools and references.
