The ATO has received additional Government funding to continue their focus on improving the voluntary compliance of wealthy Australians until 30 June 2017. The ATO began focusing on wealthy Australians in 2009-10 with the ultimate goal of influencing all wealthy Australians to pay their fair share of tax. The ATO hoped to do this by…
DetailsSelf managed super fund (SMSF) trustees should be aware of the changes to the way they receive super contributions. From 1 July 2014, employers begin using the new Data and Payment Standard, also known as SuperStream, to make superannuation contributions to their employees. This means that SMSF trustees will be required to receive contributions electronically…
DetailsFrom 1 April 2014 taxpayers will be required to provide their financial institution account (FIA) details when lodging fringe benefit tax returns. From 1 July 2014 taxpayers will be doing the same for tax return lodgements, even if the details have been provided before. These requirements were first put in place for individual tax return…
DetailsEmployers who are not meeting their super obligations may lose the tax deduction they would normally receive for super contributions. They will also have to pay a superannuation guarantee charge to the ATO. From 1 July 2013 employers must be paying 9.25 percent of each eligible employee’s ordinary time earnings each quarter in super. From…
DetailsOlder individuals often forget to perform checks on their retirement savings. It is essential that individuals check that their retirement savings are on track to finance their planned standard of living in retirement. Otherwise, they could be left short when they are ready to retire. A common time to perform these checks is in the…
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