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Showing 51 - 60 of 857 results for "ATO"

Iress error impacts ESSSuper members

ANDREW MCKEAN  |  MONDAY, 3 APR 2023
... administrator, Iress, that impacted 9% of its defined benefit members. Due to Iress' incorrect contribution reporting to the ATO for the 2021-2022 financial year, approximately 9% of ESSSuper defined benefit members received Excess Contribution Notices ...

New laws to end unpaid super

ANDREW MCKEAN  |  WEDNESDAY, 29 MAR 2023
... vulnerable to exploitation if their employer fails to make the required superannuation contributions. These workers rely on the ATO's intervention to recover lost superannuation and receive their rightful entitlements. The ATO is only able to recover ...

Super reform "takes away the right to be tax exempt"

ANDREW MCKEAN  |  TUESDAY, 28 MAR 2023
... potential consequences of an unindexed cap. As previously reported by Financial Standard, a Financial Services Council analysis of ATO data revealed that if the government's $3 million super cap isn't indexed, around 500,000 individuals currently ...

NGS Super suffers cyber-attack

JAMIE WILLIAMSON  |  MONDAY, 27 MAR 2023
... their response plans on hand, and cyber-attack drills should be carried out regularly. Representatives from APRA, ASIC and the ATO have also noted cybersecurity as an area of priority for the regulators. At the recent Association of Superannuation Funds ...

The sophistication of cyber threats is increasing: O'Neil

CHLOE WALKER  |  WEDNESDAY, 22 MAR 2023
... Last year, O'Neil said, the National Australia Bank said it is subjected to 50 million cyber attacks a month, and the ATO reported soon after that it's subjected to three million attacks a month. "What we know here is that this threat is huge. ...

Regulators prioritise emerging areas of risk

CASSANDRA BALDINI  |  WEDNESDAY, 22 MAR 2023
... Melbourne, APRA general manager superannuation Katrina Ellis, ASIC Commissioner Danielle Press and Australian Tax Office (ATO) deputy commissioner Emma Rosenzweig shared a few areas of focus. Rosenzweig said the ATO has just published its major statistics ...

Super fund reaches dispute settlement

JAMIE WILLIAMSON  |  WEDNESDAY, 15 MAR 2023
An ASX-listed manufacturing company has settled with an industry superannuation fund over cancelled plans for a metal powders plant. Amaero International reached a settlement with MTAA Super - now Spirit Super - over a dispute regarding the lease of ...

Unindexed cap forecast to impact 500k people

CASSANDRA BALDINI  |  FRIDAY, 3 MAR 2023
... individuals who are currently saving for retirement or have already retired. Financial Services Council (FSC) analysis of ATO data found a significant portion of Australian taxpayers will breach the cap in their lifetime and face a 30% earnings tax. ...

Super tax break crackdown to hit $410bn in savings

ANDREW MCKEAN  |  WEDNESDAY, 1 MAR 2023
... Information said. This is another case study of how retail super has lost the superannuation war, it added. According to the ATO, SMSFs with balances over $5 million account for only 4.7% of all funds, yet they hold a substantial 29% of total SMSF assets ...

Regulators sound alarm on cybersecurity, fraud in super

ANDREW MCKEAN  |  FRIDAY, 24 FEB 2023
... Additionally, APRA is chairing a working group on fraud risk within the super industry stewardship group that's overseen by the ATO. Cyber and fraud aside, APRA is pushing for improvements in member outcomes and has been consulting on enhancements ...