Super balanced under $6,000 may be forfeited to ATO.

Earlier this year, the government passed its Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018, which was aimed at reducing the erosion of superannuation balances and inappropriate insurance arrangements. The new changes mean that superannuation accounts with balances below $6,000 that have not received a contribution for 16 months will be transferred over to the ATO. […]

Taxpayers cautioned against lodging early this year

With businesses now reporting through Single Touch Payroll, employees will no longer receive an end-of-year payment summary from their employer, and will instead receive an income statement that can be accessed through their myGov account or their tax agent. Employers will have until 31 July 2019 to finalise their Single Touch Payroll data in the […]

ATO holding data for longer

In 2016, the Tax Office was granted exemption by the Office of the Australian Information Commissioner (OAIC) to retain data from insurance providers on policies for certain classes of assets — including marine vessels, enthusiast motor vehicles, thoroughbred races horse, fine art and aircraft — for a period of three years. It has now sought to […]