Superannuation Guarantee Amnesty

Superannuation Guarantee Amnesty On 24 May 2018, Minister for Revenue and Financial Services announced the commencement of a 12-month Superannuation Guarantee Amnesty (the Amnesty). The Amnesty is a one-off opportunity for employers to self-correct past super guarantee (SG) non-compliance without penalty. Subject to the passage of legislation, the Amnesty will be available from 24 May 2018 to 23 May 2019. Employers…

reporting

ATO audit targets

Will your business be audited? How the ATO identifies audit targets The ATO is very upfront when it comes to their compliance activity. Every year they publish small business benchmarks that outline what a typical business ‘looks like’ in different industries. If your business falls outside of those benchmarks, the ATO is likely to take a…

employees and workers

Directors not paying SG on ATO hit list

Directors on ‘hit list’ for not paying employee super Proposed legislation would see the ATO pursue criminal charges against Directors who fail to meet their superannuation guarantee (SG) obligations. An analysis by Industry Super Australia submitted to the Economics References Committee into Wage Theft and Superannuation Guarantee Non-compliance indicates that employers failed to pay an…

ATO’s new look SBSCH here in Feb

On 26 February, the Small Business Superannuation Clearing House (SBSCH) service will join the ATO’s online services Business Portal. To manage the transition, the SBSCH will be unavailable from Tuesday 20 February 2018 to Sunday 25 February 2018 inclusive. During this time the ATO will be transferring your data across to the new system. Super contribution payments in…

property

Latest black economy target

Why ‘property flipping’ is the next ATO target The tax law does not allow you to ‘flip’ a property tax-free even if you are living in it. Most people think that they can move into a property, renovate it, and then sell it without paying tax. The main residence exemption – the exemption that protects…