For individuals who use myGov for different government services such as Medicare, Centrelink, or My Health Record, the method that you receive communications from the Australian Taxation Office (ATO) and how we receive correspondence from the ATO on your behalf, will now change. Let’s briefly discuss the ATO’s updates regarding your myGov account.
How you will receive ATO correspondence
From now on, myGov users who have tied the ATO communication to their myGov profile will receive all ATO correspondence directly in their myGov inbox. Chan & Naylor do not have access to your myGov account. Therefore, we will not be notified of the messages that you receive from the ATO.
Even if we have the ability to view copies of ATO’s correspondence on the ATO portal, we are not notified with these issues. As a result, there may be a delay in us receiving important updates that are associated with your taxation affairs, unless you inform us first.
The types of ATO notifications that you may receive in your myGov account are: assessment notices, excess contributions notices, division 293 notices, statements of accounts, confirmation and reminder notices, activity statements, or instalment notices.
However, if you did not link the ATO to your myGov account, we will continue to receive all ATO communications on your behalf. There will be no further action required on your part.
Superannuation information now available on your myGov account
You are able to monitor your super accounts on myGov by linking the ATO to your myGov account. myGov users have the ability to see detailed information of all their super accounts. This includes any super account you may have forgotten about or have lost!
In addition, myGov users will have the ability to consolidate their super accounts. However, make sure that you consider your important insurance coverage.
The significance of knowing the overall balance of your super
As a result of the new superannuation laws, knowing your total super balance should be a top priority. This is because it impacts a number of factors such as the capability to make non-concessional contributions, the amount you are able to transfer to pension phase, the ATO’s reporting guidelines as soon as you’ve hit pension phase, and income tax concessions.
We may request this information from you as well as track your external super fund balance amounts every year because doing so will help us in our compliance and reporting requirements.
Should you receive a message from the ATO through your myGov profile and are unsure of what to do, or if you have any other questions about how this will impact your communications with Chan & Naylor, please contact us here. We will be glad to help.
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