ATO updates to MyGov

The ATO will make changes to information available on ATO Online (accessed through myGov) and the ATO Mobile App. This is designed to assist clients with identifying details about their superannuation contribution caps and transfer balance cap, and making an election if a notice is received.

ATO Online

From 1 July 2022, ATO Online will be updated to include: 

• general changes to rates and thresholds (including the First Home Super Saver Scheme (FHSSS) accessible amount increasing from $30,000 to $50,000) 
• allowing personal deductible contribution information to be added to the FHSSS inputs to reflect future deductions not yet captured, and 
• improved information on non-concessional contribution (NCC) bring-forward arrangements where an error was previously detected in the calculation.

Mobile App

The ATO will make changes to the mobile app of ATO Online, including: 

• allowing individuals to receive personalised messages relating to determinations by the ATO, and 
• an option to make an election relating to excess contributions, Division 293 tax and excess transfer balance cap. 

These updates are expected to be released by the end of October 2022.

ATO Online Services Simulator

The ATO Online Services Simulator allows individuals to learn about features and services available via ATO Online (accessed through myGov). It provides an interactive tool that enables an individual to use the functionality of ATO Online through certain scenarios. It assists with learning how to navigate ATO Online and the type of details provided based on the nominated case study.

In relation to superannuation, the only scenario currently available relates to a retiree over age 60 seeking information on their transfer balance cap. From 1 July 2022, the scenarios will expand to include:

• the application of an unused portion of a carry forward concessional cap towards a potential excess, and 
• making a large NCC triggering a bring forward arrangement and an excess, resulting in the creation of an NCC election. 

The simulator may provide an opportunity to assist clients in becoming familiar with the information advisers are seeking from the ATO website.

More information

If you have any questions, or would like more information, please contact the IOOF TechConnect team on 1300 650 414.

Disclaimer
The information in this section of the website is intended for financial advisers only and is not to be distributed to clients. It has been prepared on behalf of Australian Executor Trustees Limited ABN 84 007 869 794 AFSL 240023, IOOF Investment Management Limited ABN 53 006 695 021 AFSL 230524, IOOF Investment Services Ltd ABN 80 007 350 405, AFSL 230703 and IOOF Ltd ABN 21 087 649 625 AFSL 230522 based on information that is believed to be accurate and reliable at the time of publication.