ATO reinforces choice obligations
The Australian Taxation Office (ATO) has moved to reinforce with employers their obligations under the new choice of fund regime, particularly their handling of the new choice form.
The Deputy Commissioner for Taxation in charge of superannuation, Mark Jackson made clear on Monday that employers had an obligation to identify employees who are eligible to choose a superannuation fund and provide them with a standard choice form before July 29, 2005.
Mr Jackson said it was also important for employers to ensure that the funds nominated by employees were "complying funds".
The tax office reminder comes just a week after a warning that tax authorities will be adopting a graduated approach to enforcement of the new regime.
The ATO has indicated it will be adopting a facilitative approach for the first six to nine months before implementing full enforcement.
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
