Government moves to get Single Touch Payroll right Under Single Touch Payroll, employers’ accounting software will automatically report payroll information to the ATO when employees are paid. This will eliminate the need for employers to report employee-related Pay As You Go Withholding (PAYGW) in their activity statements throughout the year, and employee payment summaries at […]
Excess super contributions: a case with a twist
Excess super contributions: a case with a twist This case involved a taxpayer who deposited $430,000 into his super fund. When the GFC hit, he panicked and withdrew half. Six months later he reconsidered, and redeposited another $100,000. He thought on a net contribution basis, he was OK given that he had withdrawn about $200K. […]
BT pays $20,400 penalty for misleading statements
BT pays $20,400 penalty for misleading statements BT Funds Management Ltd (BT) has paid $20,400 in penalties after ASIC issued two infringement notices for misleading statements contained in the online advertising of BT Super. The misleading statements were contained in two separate online advertising campaigns. Each infringement notice imposed a penalty of $10,200. The first […]
High risk industries targeted for super obligations
High risk industries targeted for super obligations The ATO has identified that employers in the following industries have a higher risk of not meeting their super obligations: hairdressing and beauty; clothing retailing; and management advice and consulting. The ATO is currently running an education campaign for business owners in these industries to help them better […]
Super update 3013
Super update 3013 Some SMSF statistics As at 30 September 2013, there were over 516,000 SMSFs holding around $531 billion in assets. Although SMSFs are nearing one million SMSF members (980,000), or 8% of the 11.6 million members of Australian super funds, they account for 31% of the $1.6 trillion total super assets as at […]
ATO withdraws controversial segregation determination
ATO withdraws controversial segregation determination The ATO has withdrawn TD 2013/D7 with effect from 11 December 2013. TD 2013/D7 explained the Commissioner’s preliminary view about when an asset of a complying superannuation fund is “invested, held in reserve or otherwise being dealt with for the sole purpose of enabling a fund to discharge liabilities payable […]
Scandal-plagued IOOF Holdings launches internal review
Embattled financial services giant IOOF has buckled to shareholder pressure and appointed an “independent” adviser to conduct a full review of breach reporting as well as the company’s research division. The move follows revelations in Fairfax Media of serious misconduct by senior staff including insider trading, front-running, misrepresentation of performance figures and cheating on training […]
A million in super won’t be enough for retirement
A million in super won’t be enough for retirement A 30-year-old worker on an average salary of $60,000 a year would have an estimated $1.1 million in superannuation at age 65 in 2048. However, according to Russell Mason, $1.1 million would sustain a comfortable retirement only until age 77. For a comfortable retirement, today’s 30-year-old […]
