Superannuation rates and thresholds for 2012-13
The Tax Office has announced some of the key superannuation rates and thresholds for 2012-13. These indexed rates and thresholds cover the superannuation contributions caps, the threshold amounts for concessionally taxed superannuation lump sums and employment termination payments. The document, Key superannuation rates and thresholds (dated 24 February 2012), is available on the Tax Office ...more
New online form to find lost super
The Assistant Treasurer has announced that the Tax Office would develop an electronic form for lost superannuation accounts to make finding lost super easier. The new electronic form will allow fund members with lost super to request their benefits be transferred through a portal on the ATO website, making it simpler and easier for people ...more
Standardised super investment risk disclosure: industry guidelines
ASFA and the Financial Services Council (FSC) have announced new industry guidelines to standardise the disclosure of investment risk in superannuation funds. Under the guidelines, superannuation funds will provide a “Standard Risk Measure” ranging across 7 risk bands (see below). According to the bodies, this will enable consumers to better understand the investment risk in ...more
Illegally accessing super early: ATO renews its warning
The ATO has warned taxpayers to avoid illegal schemes being promoted that offer access to their superannuation savings early. The ATO says last financial year it identified over 1,280 taxpayers involved with illegal schemes to access super early and imposed penalties and additional tax totalling $9.4m. It says in severe cases taxpayers may also be ...more
ATO publishes Taxation Statistics 2008-09
The ATO has published Taxation Statistics 2008-09 which features data compiled from tax returns from the 2008-09 income year and other financial information provided in activity statements and other FBT, GST and excise forms for the 2009-10 financial year. Highlights from the statistics for the 2008-09 year included: Personal tax: 12.3m individuals lodged income tax ...more
Excess superannuation contributions tax – how much is collected?
Below are some responses by the Assistant Treasurer to a series of questions asked by Senator Mathias Cormann (Shadow Assistant Treasurer). These responses reveal some very interesting information about the controversial excess super contributions tax. How many people exceed the caps? Figures as at 17 January 2011 show that, since the 2007-08 financial year, almost 188,000 people ...more
Superannuation non-compliance: ATO targets accountants and others
The ATO has announced that it is conducting an education and compliance campaign targeting “high-risk” industries that do not pay superannuation to their workers. The high-risk industries identified by the Tax Office in this regard are: accommodation (housekeepers, receptionists, hotel staff); accounting (accountants, accounting clerks); computer system design and related services (software and applications programmers ...more
Burden of regulation: report recommends superannuation, insolvency and investment changes
A final report has been released by the Productivity Commission – Annual Review of Regulatory Burdens on Business: Business and Consumer Services Sector – which identifies ways to reduce the regulatory burdens on businesses in the finance and insurance, accommodation and food services, professional, scientific and technical services, and arts and recreational services sectors. Productivity ...more
Government promises Parliamentary debate on tax reform, including Henry
The Government has promised that it will hold a debate on tax reform in Parliament next year that will encompass a re-examination of the Henry Tax Review plus any other reform measures that come out of the tax summit. In her opening speech to Parliament on 28 September 2010, the Governor-General said that, during this ...more
ALP commits to introducing MySuper from July 2013
The ALP has announced that, if re-elected, it would introduce a simple, low-cost super product called “MySuper” from 1 July 2013 which would replace existing default funds. The product is designed for members who do not exercise choice or nominate a fund, or where a default fund is specified in a modern Award or industrial agreement. Only ...more
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