News

New ATO survey of SMSF trustees

May 2021

Written by Mary Simmons, Technical Manager, SMSF Association

With over 1 million Australians having made the decision to take control over their superannuation and set up an SMSF, the Australian Government has recognised the need to find out more about this population. To better understand what motivates you and who influences you, the Government has embarked on a new survey of SMSF trustees.

Having discussed the survey with the ATO, we can confirm that the survey is legitimate and that trustees should not be concerned. The motive behind the survey is to get a better understanding of the SMSF community to assist the ATO to develop targeted communication strategies to ensure key messages reach their audience.

If you are included in the random sample of trustees to participate in the survey, here are some important points you need to be aware of:

  • The survey is being conducted by an external research provider – Whereto Research;
  • Participation in the survey is voluntary;
  • The information collected remain anonymous;
  • The survey takes approximately 15 minutes to complete.

As a trustee, I too have completed the survey. I found that the questions asked are designed to:

  • gauge your understanding of SMSFs and some of the rules;
  • get insight into your choice of information sources used to manage your SMSF;
  • determine your preferred communication channel to ensure you keep abreast of any changes as well as all ongoing compliance obligations;
  • understand who you primarily rely on to support you with ongoing investment decisions, reporting obligations and advice needs.

For those that do opt to participate in the survey, you will also have the opportunity to partake in subsequent feedback sessions but again, this is optional.

Before you choose to participate, if you want to know more about your rights and the protection of your privacy please visit the ATO website using this link.