Tax Agents out of the loop - what ATO correspondence changes mean for you?
In response to sustainability and environmental concerns, the ATO is taking measures to reduce the amount of paper correspondence it sends to tax payers in Australia. While this is great news for the environment, this may not be as rosy as it seems.
Traditionally, if you engage a tax agent to handle your taxation affairs, the ATO sent any correspondence directly to the tax agent. Your tax agent then reviews and checks the information is accurate and forwards the correspondence to you in language the client can understand.
However, the move to electronic communication by the ATO your tax agent out of the equation.
If you have a MyGov account, and have the ATO linked, the ATO will send correspondence directly to the MyGov Inbox. Whether you receive notification of this correspondence is determined by the notification settings in your MyGov account.
For some, this may be preferable.
However, by by-passing the tax agent, there is a larger unknown element created. The tax agent is not notified correspondence has been sent to you, unless they specifically investigate your communications in the tax agent ATO portal. For firms with hundreds of clients, daily specific client checks just aren’t feasible.
If you are expecting ATO correspondence, and your tax agent hasn’t been in contact, it may be because the tax agent is also unaware of the correspondence existing.
If you have the ATO linked to your MyGov account, ensure you check the inbox in MyGov regularly to ensure you do not miss any correspondence.
ATO correspondence affected by this includes:
* Notice of Assessments
* Statement of Accounts
* Business Activity Statements
* Instalment Activity Statements
* Debt Reminder Notices
* Lodgement Reminder Notices
Remember, if you receive correspondence via MyGov and have any questions, please contact your tax agent for advice and guidance.
This information is not to be relied upon without speaking to your accountant, tax agent or financial adviser depending on the advice