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The ATO has announced that it will be conducting a new data-matching program with information from the Department of Home Affairs on passenger movements during the 2016-17 to 2022-23 income years. It will use this data to determine whether business entities and individuals are residents and whether they have met their lodgment and registration obligations.
The ATO has announced that it will be conducting a new data-matching program with information from the Department of Home Affairs on passenger movements during the 2016-17 to 2022-23 income years. It will use this data to determine whether business entities and individuals are residents and whether they have met their lodgment and registration obligations.
The ATO has announced that it will be conducting a new data-matching program with information from the Department of Home Affairs on passenger movements during the 2016-17 to 2022-23 income years. It will use this data to determine whether business entities and individuals are residents and whether they have met their lodgment and registration obligations.
The ATO has announced that it will be conducting a new data-matching program with information from the Department of Home Affairs on passenger movements during the 2016-17 to 2022-23 income years. It will use this data to determine whether business entities and individuals are residents and whether they have met their lodgment and registration obligations.
The ATO has announced that it will be conducting a new data-matching program with information from the Department of Home Affairs on passenger movements during the 2016-17 to 2022-23 income years. It will use this data to determine whether business entities and individuals are residents and whether they have met their lodgment and registration obligations.
The ATO has announced that it will be conducting a new data-matching program with information from the Department of Home Affairs on passenger movements during the 2016-17 to 2022-23 income years. It will use this data to determine whether business entities and individuals are residents and whether they have met their lodgment and registration obligations.
The ATO has announced that it will be conducting a new data-matching program with information from the Department of Home Affairs on passenger movements during the 2016-17 to 2022-23 income years. It will use this data to determine whether business entities and individuals are residents and whether they have met their lodgment and registration obligations.
As the JobKeeper program comes to a close, businesses should be aware that the ATO will continue to maintain the integrity of the scheme through compliance activities. While a majority of the businesses have legitimately used the JobKeeper to keep their businesses afloat, the ATO does have concerns with some businesses taking advantage inappropriately.
In a bid to protect the super savings of Australians by weeding out underperforming super funds, the government is currently attempting to legislate requirements which will involve APRA conducting annual performance reviews for certain superannuation products. It is just one of the measures aimed at improving Australia’s superannuation system which manages around $3 trillion in retirement savings.
It is estimated that around 70% of Australians with life insurance hold it through their super fund. Having insurance through your super fund is tax effective and has various advantages such as having cheaper premiums and usually having fewer health checks. Most funds offer three different types of insurance through super, life insurance, total permanent disability (TPD) and income protection insurance, each of which cover different aspects.
From 1 July 2021, the general pension transfer balance cap will increase from $1.6m to $1.7m due to indexation. If you’re thinking of retiring and have a large amount in your transfer balance account, it may be wise to plan ahead so you can take advantage of this increase. By way of background, the transfer balance cap started in 1 July 2017 and is effectively a lifetime limit on the total amount of super that can be transferred into retirement phase income streams, this includes most pensions and annuities.
While most businesses are already familiar with the Single Touch Payroll (STP) regime, small employers (19 or fewer employees) with closely held payees were exempt from reporting payroll information of those closely held payees through the STP for the 2019-20 and 2020-21 financial years. However, from 1 July 2021, those small employers must start reporting payments made to closely held payees through STP.