Suburban scammers pushing illegal early access to super The ATO has become aware of people in some suburban areas of major cities attempting to encourage others to illegally access their super early (generally for a fee) to help them to [...]
ATO guide to the 5 most common Tax Time mistakes As Tax Time 2018 has 'kicked off', the ATO has profiled the five most common mistakes they see, including taxpayers who are: leaving out some of their income (e.g., forgetting [...]
New superannuation rates and thresholds released The ATO has published the key superannuation rates and thresholds for the 2018/19 income year. The Non-Concessional Contributions cap will remain at $100,000 (although transitional arrangements may apply), and the Concessional Contributions cap will [...]
ATO warning regarding small business record-keeping According to the ATO, of all of the things that can cause small businesses to fold, "high on that list is poor record keeping". More than half of the businesses they visited in their [...]
Reporting of transfer balance account information The recent superannuation reforms introduced the concept of a 'transfer balance account', to basically record the value of member balances moving into or out of 'retirement phase'. In order to monitor these amounts, the [...]
Changes to the foreign resident withholding regime for sales of Australian real estate Since 1 July 2016, where a foreign resident has disposed of real estate located in Australia, the purchaser has had to withhold 10% of the purchase price [...]
ATO data regarding Super Guarantee non-compliance The ATO has provided some information about Superannuation Guarantee (SG) non-compliance in its recent submission to a Senate inquiry into the impact of the non-payment of the Superannuation Guarantee. In addition to marketing and [...]
ATO exposes dodgy deductions With over eight million Australians claiming work-related expenses each year, the ATO is reminding people to make sure they get their deductions right this tax time. Assistant Commissioner Graham Whyte said that, in 2014/15, the ATO [...]
ATO assistance with the pending $500,000 lifetime super cap In the 2016/2017 Federal Budget, it was announced that, from 7:30pm (AEST) on 3 May 2016, there will be a lifetime cap of $500,000 on non-concessional (i.e., non-deductible) superannuation contributions. This [...]
Pre-retirees: Avoid 'too good to be true' tax schemes The ATO has launched a new project called 'Super Scheme Smart', an initiative aimed at educating individuals about the potential pitfalls of 'retirement planning schemes', to keep them safe from risking [...]