australian taxation office

Policy & Regulation

Taxation Inspector-General’s report points to tax officers having insufficient ability to link evidence with appropriate penalties....

Superannuation

Employers reminded of new SG rate

The Australian Taxation Office has issued a reminder that employers need to increase the compulsory minimum superannuation payments on behalf of employees from July 1....

Funds management

Investors urged to declare offshore income or face penalties

Australians with undeclared offshore investments are being urged to take advantage of a once-off chance to avoid hefty fines, and a possible jail sentence, by disclosing ...

Policy & Regulation

Taxman struggling to manage HWIs

High wealth individuals are using complex business arrangements and trusts to minimise their tax liabilities, an Australian National Audit Office report reveals....

Financial planning

Customers shun term deposits for alternatives

Falling interest rates has taken the sheen off term deposits, losing 36,000 customers over the last 12 months, in contrast to the SMSF sector....

Funds management

Investors want more control of assets: van Eyk

Growing numbers of investors are taking the plunge and following financial advisers’ recommendations to try direct investments through separately managed account (SMA) se...

Superannuation

SuperStream delay penalises providers who have complied

Super sector given enough time to comply with SuperStream standards with delays penalising compliant providers...

Superannuation

Super advertising campaign cost $16.56 million

The ATO has confirmed the television advertising campaign launched to support Labor’s superannuation changes cost $16.56 million before it was terminated by the Abbott Go...

Superannuation

Budget confirms excess contributions treatment

Budget delivers on allowing withdrawal of excess contributions without penalty....

Policy & Regulation

Smartphone tax returns ready this year

The Coalition is rolling out simplified and “substantially pre-prepared” tax forms allowing Australian residents to lodge returns from a smartphone or tablet device. ...

Superannuation

SMSFs - are they still worth it?

With the increased scrutiny of self-managed super funds (SMSF) from the regulator, the soon-to-be-introduced penalty regime for trustees and the increasing diligence of S...