The ATO has provided further instructions for SMSF trustees and directors around how they can prepare their funds for the advent of the myGovID system early next year.
Trustees will no longer be able to use AUSKey or manage ABN connections through their myGov account to access government online services from 1 April 2020.
The credentials will be replaced with two new digital services — digital identity provider myGovID and Relationship Authorisation Manager (RAM), which allows individuals to link their ABN with their myGovID and act on behalf of a fund online.
After checking their ABN details are up to date in the Australian Business Register (ABR), trustees could now “kick-start the move” for their fund by setting up their myGovID and linking it to the fund’s ABN using RAM, if they are listed as an eligible individual associate on the ABR.
“You can then authorise others to act on behalf of your fund if required,” the ATO said.
Individuals could set up their myGovID by downloading the app for iPhone or Android and using two Australian government IDs including their driver’s licence, passport or Medicare card. Passports with an expiry date up to three years ago would be accepted as one form of ID.
For entities with non-individual associates such as corporate trustees, the ability to commence linking their business in RAM would be available from early December.
“Information for these entities will be available on the RAM website in the coming weeks,” the ATO said.
“AUSKey will continue to be supported while you make the move to myGovID and RAM.”
Sarah Kendell
26 November 2019
smsfadviser.com