The ATO has unveiled an app that can assist tax payers including Self Managed Super Fund Trustees with their reporting obligations.
The smart phone app aims to make it easier for individuals to conduct their taxation and superannuation affairs.
SMSF Trustees will have access to a range of tools and calculators that will help them understand the responsibilities involved in managing their fund.
The app includes an information package for people considering whether an SMSF is right for them entitled ‘Thinking about an SMSF’.
Trustees will have access, via the app, to educational videos on SMSFs and checklists that will help them plan their compliance activities. They can also view frequently asked questions by other SMSF members.
The app also allows users to:
- Lodge their 2014 individual income tax return and track the progress of the current income tax returns for the current and previous financial years Update their personal information;
- View their superannuation accounts; Transfer any superannuation into one account;
- Hunt for lost superannuation Access individual income tax rates for the current financial year;
- Estimate how fast you can pay off tax debt with a payment plan Look up information on a range of topics;
- Book an after-hours call back;
- Determine what fuel tax credit entitlements you can claim on your business activity statement (BAS);
- Discover whether an employee is eligible for superannuation guarantee (SG);
- Calculate SG contributions For tax and super purposes, define if a worker is an employee or contractor;
- Figure out the amount of tax to withhold from salary and wage payments
The ATO app is compatible with most smart phones and tablets using iOS 5 and later, Android OS 2.3.3-2.3.7 and OS 4* and later, and Windows Phone 8.
The app can be downloaded free of charge from Google Play, Windows Phone Store or the Apple App Store. Visit www.ato.gov.au/app