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Ditched business registry plan would’ve helped SMSFs, peak body says
The SMSF Association – the peak body representing the Australian self-managed superannuation fund (SMSF) sector – has urged the federal government not to throw the baby out with the bathwater in ditching its Modernising Business Registers (MBR) program, saying parts of the program would have offered valuable benefits and should not be abandoned.
“Key aspects” of the now-shelved MBR program had the potential to streamline how company details are registered, viewed and maintained, unlocking administrative efficiencies and reducing duplication, SMSF Association CEO Peter Burgess said in warning not to “lose sight of” the program’s better initiatives.
“With around 400,000 SMSFs with a corporate trustee, it was envisaged the consolidation of the Director ID and ASIC’s core business register would deliver better data linking, improved security and ultimately an uplift in data integrity for the SMSF sector,” Burgess said following the government’s recent decision to put the program on hold.
“There have been instances in the past where ASIC has deregistered the corporate trustee of an SMSF because changes to the trustee’s contact details have not been updated across all company registers and ASIC has been unable to notify directors of overdue annual review fees,” he said.
“Reinstating the company in these situations is not a straightforward task, and it was hoped with better data linking, scenarios like this could be avoided. There was lots of promise in the MBR program, which we hope will not be lost and instead will be taken up in future projects in line with the government’s budget, timeline and resources.”
Room to improve client data access
The SMSF Association also called on the government to review access to client data via the Australian Taxation Office’s portals as part of any recalibration of its digital and information technology program, with Burgess citing limitations around accessing client data as another area requiring immediate attention.
“We see this as an opportunity for the government to address data access limitations, which currently prevent licensed financial advisers and administrators from accessing vital client data,” he said.
Under the current system, only registered tax agents can access information about clients’ total superannuation balances (TSBs) and transfer balance caps (TBCs) from the ATO portal, even though many tax agents aren’t licensed to provide personal financial advice, Burgess pointed out.
“In contrast, a financial adviser who is licensed to provide personal financial advice must rely on their clients accessing this data via MyGov and then sharing this information with them,” he said.
“This has a significant impact on the timeliness and efficiency of advice and erodes the trust established between client and adviser. With the provision of high-quality, accessible and affordable financial advice a government commitment, it is nonsensical that the regulatory framework within which licensed financial advisers operate does not provide them with the access to the information they need.”
