How employers are being caught out by the timing of superannuation guarantee payments. Employers can generally only claim a deduction for superannuation contributions in the income year in which the contribution is made. Super contributions…
The Australian Taxation Office (ATO) has revealed how it is going to use Single Touch Payroll (STP) data, acting as a warning to non-compliant employers. ATO Deputy Commissioner James O’Halloran indicated that the office is…
The Government has resurrected the Superannuation Guarantee (SG) amnesty giving employers that have fallen behind with their SG obligations the ability to “self-correct.” This time, however, the incentive of the amnesty is strengthened by harsh…
The investment strategies of Self Managed Superannuation Funds (SMSFs) are under scrutiny with the Australian Taxation Office (ATO) contacting 17,700 trustees about a lack of asset diversity. The ATO is concerned that, “a lack of…
A consistent theme this tax time is overclaiming and under-reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its data matching approaches, taxpayers can expect greater scrutiny where their claims are…
More than a third of all Australians have more than one superannuation account. Moving house, changing jobs or just forgetting to update your details can easily separate you from your superannuation fund. Currently, more than…
Employers that have fallen behind with their superannuation guarantee (SG) obligations will have 12 months to “self-correct” under a new amnesty announced late last month. The ATO estimates that $2.85 billion is currently owed in…
3 Year Cycle for SMSF Audits Date of Effect: 1st July 2019 SMSFs with a history of good record‑keeping and compliance – that is, three consecutive years of clear audit reports and annual returns lodged on…
The Australian Equities market in 2017 can be best described as three distinct periods: 1) the Trump trade; 2) the Range trade; and 3) the Goldilocks trade. The Trump trade carried into the year the…
The 1 July 2017 superannuation reforms introduced a new reporting regime for funds. Funds now need to advise the ATO of key events within the fund that impact on retirement income streams (pensions): When you…
