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
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
