TR 2013/5 and Compliance Concerns

Please click here to view the Submission 'TR 2013/5 and Compliance Concerns'.

Overview of the Submission:

Chartered Accountants Australia and New Zealand, CPA Australia, Institute of Financial Professionals Australia, Institute of Public Accountants, and the SMSF Association (together the (‘Joint Bodies’) appreciate the ATO’s engagement and thank you for your response dated 24 January 2025 regarding the industry’s concerns with the updates to Taxation Ruling TR 2013/5(the Ruling).

Whilst we acknowledge that the Ruling can only deal with matters relating to tax law, it is critical that it is acknowledged that there are broader consequences for all superannuation fund trustees, members and the sector as a whole.

Outlined below are some key issues. We seek the opportunity to engage in further dialogue to ensure practical, equitable outcomes for all those affected.