Included in Intello's administration services is the preparation and lodgement of the SMSF annual return as well as all activity statements (BAS / IAS) and also other necessary ATO reporting including TBAR.
To enable these lodgements, it is essential for Intello to have access to the Tax Agent Portal for all SMSFs we administer.
This can be accommodated via the following two methods:
Intello Pty Ltd is appointed as the tax agents for all SMSFs we administer (default)
SMSFs we administer are moved to a separate tax agent registration with the Intello is provided with access to those clients only (not to all other non-SMSF clients of your business)
More information on these options is below:
Intello as tax agent
This is the default arrangement for financial advice businesses or any business utilising our services.
We will be appointed as tax agent on all SMSFs we administer on your behalf and take care of all lodgement obligations including annual returns, activity statements and event based reporting.
Where payments are required we will notify you via our Adviser Portal (including an email notification) with all relevant details.
Your practice as tax agent (separate registration with Intello access)
This option is suited to practices that have an existing tax agent registration and would prefer to white-label Intello’s services.
Under this option, your clients will only see your practice name as tax agent. They will not see Intello’s name or tax agent number on the SMSF annual return and the address and other contact details with the ATO will remain as your practice.
It is essential that Intello’s team have access and visibility to SMSFs we administer via the tax agent portal. After the removal of the option of a tax agent sub-branch (see here for more info) the only option to provide this access is to complete a separate tax agent registration with the Tax Practitioners Board the registration and ongoing fees with the TPB are $675.
You will have full visibility and the opportunity to review and sign off on all returns before they are lodged with the ATO.
Due to the additional fees from the TPB as well as the work required to complete an additional registration, this option is only recommend where Intello is looking after a significant number of SMSFs on behalf of your business.
Your practice as tax agent (no access for Intello)
Where the practice wants to remain as the tax agent and not provide the Intello team with access to the tax agent portal (via a separate tax agent registration) an additional fee of $10/m ($120 per annum) per SMSF will be levied.
We do not recommend this option. It creates unnecessary friction in the delivery of our services through the additional work it creates for both the Intello team and more importantly you and your team.
The only minor exception is where Intello offers to run a small 'pilot' program enabling you to test our services with a small number of SMSFs (5 or less) before deciding on what tax agent will be utilised.
This additional fee is to cover the additional work required by Intello to deliver our ongoing administration services. More information on the additional work required by both Intello and the practice in this scenario is outlined below.
Additional work for Intello (where no tax agent portal access available):
We are unable to manage the tax lodgement program on behalf of your SMSF clients.
We are unable to lodge the SMSF annual return using the SBR functionality. This is set up at a tax agent level and needs to also be set up in our administration software.
We need to request tax agent portal PDFs of income tax and integrated (activity statement) accounts via Tax Agent Portal at least annually.
Absence of visibility on tax agent portal transactions means we need to raise more queries on tax related transactions to enable us to keep accounts reconciled throughout the year.
We are unable to prepare and lodge activity statements. This is included as part of our service.
We are unable to lodge TBAR reports to the ATO.
We are unable to see details of correspondence sent the client or tax agent from the ATO. This could include: co-contribution remittance, lost super remittance, outstanding debts, excess contributions notices etc.
We can’t generate payment slips or provide BPAY details when we complete the accounts and there is tax payable.
We are unable to communicate with the ATO and request remissions of penalties or lodgement extensions should they be needed.
We cannot update client details including addresses or registrations etc.
As you can see, to get the most from Intello's services, we need to have access to the tax agent portal for the funds we administer.
If you have any questions or would like additional information please contact us.