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SMSFs Adding a Tax Agent

Summary

How to appoint your My SMSF tax agent online using this simple guide by My SMSF

From the 13th of November 2023, you will need to appoint your My SMSF tax agent online using two tools: MyGovID and RAM. Here’s a simple guide on how to do it:

  1. Get MyGovID: First, grab your phone and download the MyGovID app. MyGovID is the identification standard app for all Australians to deal with government departments. Set it up by following the steps in the app.

  2. Use RAM to Add Your Business: Go to the RAM website on your computer and sign in with your MyGovID. You’ll need to tell RAM about your SMSF by linking it to your account.

  3. Pick Someone to Manage Permissions: In RAM, choose someone who can make decisions about who is allowed to do things for your smsf online. This person can then add or remove tax agents.

  4. Add Your Tax Agent: Tell RAM who your tax agent is by entering their tax agent number. RAM will then send them a message to say you’ve added them.

  5. Check They’re Added: Once your tax agent says ‘yes’ to the message from RAM, they’ll be connected to your smsf. You can see they’re added by looking at your list of tax agents in RAM.

  6. Decide What They Can Do: You can choose what your tax agent is allowed to do with your taxes, such a SMSF only for our agent. This way, they only see what they need to see.

Why Use MyGovID and RAM?

  • Safe: MyGovID keeps your information secure.
  • Easy: You can do it all online, which saves you a trip to an office.
  • You’re in Charge: You can manage who can help with your taxes and what they can do.
  • Quick: Adding a tax agent online is fast.

Summary:

Using MyGovID and RAM makes it simple to add a tax agent to help with your SMSF taxes. This is the new method the ATO requires SMSF members to use to manage their tax affairs and it only applies to NEW my smsf clients. All existing clients do not need to implement this measure.

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