Debbie Grace 28/3/24 Debbie Grace 28/3/24

Super Compliance: A Crucial Update for Small Businesses.

The ATO has implemented a significant upgrade to the SBSCH, introducing SMSF bank account validation to bolster the precision and security of super contributions. This development affects all small employers utilising the SBSCH to manage super payments to their employees' SMSFs.

Debbie Grace 20/2/24 Debbie Grace 20/2/24

Random ATO audits ensure employment tax compliance for businesses.

The ATO has recently initiated random audits on businesses to assess their employment tax compliance and proper record-keeping.

Debbie Grace 21/9/23 Debbie Grace 21/9/23

Different meanings of ‘dependant’ for super & tax purposes.

On a person’s death, their superannuation benefits can only be paid directly to one or more ‘dependants’ as defined for superannuation purposes, unless they are paid to the deceased’s legal personal representative to be distributed in accordance with the deceased’s Will.

Debbie Grace 14/9/23 Debbie Grace 14/9/23

Reallocation of excess concessional contributions denied.

The AAT has held that there were no special circumstances in relation to a taxpayer who made excess concessional contributions in a financial year, such that the ATO could allocate some of those contributions to the previous financial year.

Debbie Grace 29/8/23 Debbie Grace 29/8/23

Minimum Annual Payments for Super Income Streams.

The ATO reminds taxpayers that an SMSF must pay a minimum amount each year to a member who is receiving a pension that commenced on or after 20 September 2007 (e.g. account based pensions). If the minimum payment is not made by 30 June, this can result in adverse taxation consequences for the member.

Debbie Grace 8/6/23 Debbie Grace 8/6/23

New 15% super tax to apply from 1 July 2025.

The Government recently announced it will be imposing a 15% additional tax on individuals that have more than $3 million in superannuation. The new measure is expected to commence from 1 July 2025.

Debbie Grace 1/6/23 Debbie Grace 1/6/23

Transfer balance cap indexation.

An individual’s transfer balance cap (‘TBC’) determines the maximum amount they can commit to a retirement phase interest in their super fund, such as an account-based pension, without being subject to penal taxation.

Debbie Grace 4/5/23 Debbie Grace 4/5/23

Employee v Contractor.

The ATO is allocating compliance resources to worker classification arrangements and have released draft Guideline PCG 2022/D5 to assist when classifying workers as employees or independent contractors. It also outlines the risk framework to assist in a self-assessing the likelihood of ATO Compliance action.

Debbie Grace 8/9/22 Debbie Grace 8/9/22

Super comparison tool updated.

The YourSuper comparison tool helps individuals compare MySuper products and choose a super fund that meets their needs.

Debbie Grace 13/7/22 Debbie Grace 13/7/22

Downsizer contributions age changes from 1 July 2022.

From 1 July 2022, people aged 60 years and over will be eligible to make downsizer contributions of up to $300,000 per person ($600,000 per couple) from the sale proceeds of their home into their super. For downsizer contributions made prior to 1 July 2022, eligible individuals must have been aged 65 years or older at the time of making their contribution.

Debbie Grace 6/7/22 Debbie Grace 6/7/22

Super Guarantee Contribution due date for June 2022 quarter.

The due date for employers to make super guarantee contributions for their employees for the June 2022 quarter is 28 July 2022. Note that the super guarantee rate in relation to salary and wages paid on or before 30 June 2022 is 10%.

Debbie Grace 3/5/22 Debbie Grace 3/5/22

Re-contribution of Covid-19 early release super amount.

Individuals can now re-contribute amounts they withdrew under the COVID-19 early release of super program without the re-contribution counting towards their non-concessional contributions cap.

Debbie Grace 4/4/22 Debbie Grace 4/4/22

2022/23 Federal Budget: Other budget announcements including Superannuation.

The latest Federal Budget was announced last week. Here are some of the most important things you need to know for this new financial year.

Debbie Grace 22/3/22 Debbie Grace 22/3/22

COVID-19 vaccination incentives and rewards.

The ATO has reminded employers to consider their tax and super obligations when employees are provided with incentives or rewards for getting their COVID-19 vaccination.

Debbie Grace 19/1/22 Debbie Grace 19/1/22

Super is now following new employees.

The ATO is reminding employers that, as of 1 November 2021, there is an extra step they may need to take to comply with the choice of super fund rules.

Debbie Grace 8/12/21 Debbie Grace 8/12/21

Government payments and AUSTRAC data-matching programs.

The ATO will acquire government payments data from government entities who administer government programs for 2017/18 to 2022/23 financial years.

Debbie Grace 23/11/21 Debbie Grace 23/11/21

Reminder: Stapled Super Fund Requests now live.

From November 1, 2021 the ATO’s Stapled Superannuation Fund Request initiative became live. Which means if you have employed staff since this date and they have not nominated a super fund, you will need to request your employee’s stapled super fund via ATO Online Services.