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Superannuation Guarantee Amnesty Posted on Jul 27, 2018 by admin

Super

The Superannuation Guarantee Amnesty was introduced on 24 May 2018 by the Minister for Revenue and Financial Services in a bid to tackle non-payment of employee super. The Amnesty provides a one-off opportunity for employers to self-correct any past super guarantee (SG) non-compliance without incurring a penalty. However, there is a lot of ambiguity around which employees are entitled to compulsory super payments. Small business employers need to pay special attention to these particular areas: Ordinary time earnings An understanding of ordinary time earnings (OTE) is essential as it is used to calculate tan eligible employees minimum SG contributions. OTE […]

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Income tax gap results Posted on Jul 27, 2018 by admin

Tax

The ATO has released its latest findings on the tax gap for Australian individuals. The estimated gap in 2014-15 is approximately $8.7 billion or 6.4 per cent. The income gap is an estimate of the difference between the tax the ATO collects and the amount that would have been collected if each taxpayer was fully complaint. Over 93 per cent of income tax received from individuals not in business is paid voluntarily or with little intervention from the ATO. There are around 9.6 million individuals who are not in business and lodge tax returns. These taxpayers earn their income from […]

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Reviewing your super Posted on Jul 19, 2018 by admin

Super

The ATO is encouraging taxpayers to review their super this tax time. Finding lost super or consolidating any unwanted multiple accounts can make a massive difference to your nest egg. There is over $18 billion in lost and unclaimed super. Those who have changed their name, address, job or lived overseas are at high risk of having lost super. During the last five years, more than $10.7 billion of super has been consolidated from over 2.1 million accounts through ATO online services. The ATO is also reminding taxpayers that the new super deduction is available. Most people under 75 years […]

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Avoid scams this tax time Posted on Jul 19, 2018 by admin

Tax

The Australian Tax Office (ATO) is reminding individuals to remain vigilant against any scams that may pop up this year around tax time. With over 37,000 scam attempts reported to the ATO this time, last year, individuals need to be wary of scam artists looking to trick taxpayers into either paying for fake debts or giving away their personal details. Common scams include: – The ‘fake tax debt’ phone scam – ‘Fake refund’ – ‘Refund for a fee’ – Email and SMS contact – i.e., asking to click a link, download a file or open an attachment. Avoid being caught […]

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SMSFs: beware of illegal early super release Posted on Jul 13, 2018 by admin

Super

The Australian Tax Office (ATO) is reminding self-managed super fund (SMSF) trustees to beware of allowing members to access their super early. A self-managed super fund (SMSF) trustee must meet a condition of release before any funds can legally be released. The ATO can issue severe penalties if you or a SMSF member access your super before you are legally entitled to do so. Some consequences of getting caught up in an illegal super scheme include the disqualification of trustees, imposition of administrative penalties, the fund being made non-complying and prosecution. The Tax Office encourages those members who have been […]

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Penalty relief for taxpayers Posted on Jul 13, 2018 by admin

Tax

From 1 July 2018, the Tax Office is advising Australians that if they find an error in their tax return or activity statement they will not incur a penalty but will advise of the error and how to get it right next time. Penalty relief will only apply to eligible taxpayers or entities (i.e., turnover of less than $10 million) every three years. These may include: – Small businesses – Co-operatives – Self-managed super funds (SMSFs) – Not-for-profit organisations Eligible individuals will only be given penalty relief on their tax return or activity statement if they make an inadvertent error […]

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ASIC’s view on SMSFs as ‘one-stop property shops’ Posted on Jul 5, 2018 by admin

Super

The Australian Securities Investment Commission (ASIC) has released a new report highlighting its view on the setup of SMSFs for property investments using ‘one-stop shop’ models. ‘One-stop shop models’ tend to promote the purchase of residential property through SMSF borrowing. They are usually arranged by groups of real estate agents, developers, mortgage brokers, financial advisers and so forth. This model creates conflicts of interest that may affect the advice given to set up an SMSF. For example, these businesses take advantage of customers with limited or no knowledge of SMSFs or super and have the potential to cause major financial […]

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Avoid these five common Tax Time mistakes Posted on Jul 5, 2018 by admin

Tax

Tax Time is now upon us, with the ATO Assistant Commissioner announcing the top five mistakes commonly made when Australians complete their annual tax returns. Common mistakes some taxpayers are making include: – Leaving out a portion of their earnings, i.e., forgetting to include a job – income from a temp job, or income earned from the sharing economy. – Claiming personal costs for rental properties, i.e., claiming deductions for periods when they were using the property or claiming interest on loans used to buy personal assets (a car or a boat). – Making claims for expenses unrelated to their […]

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