Search ResultsShowing 1 - 10 of 100+ results for "ATO"
Downsizer contributions skyrocket
KARREN VERGARA  |  TUESDAY, 9 JUL 2019
... superannuation. Members will have 90 days after settlement to make the contribution, but can seek an extension from the ATO. It is not a non-concessional contribution and will not count towards the contributions caps. The downsizer contribution ...
Record number of tax evasion reports
ELIZABETH MCARTHUR  |  FRIDAY, 21 JUN 2019
... off line has been ringing off the hook this end of financial year as a record number of people report tax evaders. The ATO received nearly double the amount of referrals from the community about tax evasion this year compared to the same time ...
Prime Super drops admin fees
KARREN VERGARA  |  MONDAY, 3 JUN 2019
... reforms will force fees up as super funds are required to transfer large numbers of inactive account balances to the ATO," he said. The fund charges a $1.30 admin fee per week, plus 0.5% per annum on the account balance up to $100,000. It ...
Consolidation hits super fund administrators
KARREN VERGARA  |  FRIDAY, 31 MAY 2019
... with additional resources to meet the demand during [the second half of] FY2019." Part of the new law requires the ATO to sweep inactive superannuation accounts, firstly in October 2019 and then in April 2020. Link flagged that some funds ...
ATO guides SMSFs on PYSP changes
HARRISON WORLEY  |  THURSDAY, 16 MAY 2019
... provided guidance on how self-managed superannuation funds might be affected by the Protecting Your Super reforms. The ATO confirmed to SMSF investors that the raft of changes - introduced as part of the Protecting Your Super Package - designed ...
Super funds grapple with PYSP deadline
KARREN VERGARA  |  FRIDAY, 10 MAY 2019
... Application of fee caps to residual balances under $6000 after partial benefit payments; Interaction between the ATO transfer and fee cap refund obligations; Applicability of the requirements to retirement or pension phase products; and ...
SMSF wind-ups spike: ATO
ELIZABETH MCARTHUR  |  THURSDAY, 9 MAY 2019
... superannuation fund (SMSF) wind-ups shot up in the last 12-24 months, according to Australian Tax Office data. Latest ATO data reveals in 2014 the number of SMSF wind-ups was 12,654 and hovered around that point, reaching 13,470 in 2017. ...
Communication fails to keep member interests at heart
KARREN VERGARA  |  WEDNESDAY, 8 MAY 2019
... of 3% fee cap on balances below $6000; prohibition of exit fees; and transfer of inactive low-balance accounts to the ATO. APRA again stressed the importance of communicating the PYSP changes. Superannuation funds had until 1 May 2019 to ...
Lax regulation worsens lost super benefits: ISA
KARREN VERGARA  |  FRIDAY, 3 MAY 2019
... workers $5.94 billion in super entitlements. A new report compiled by ISA citing 2016-17 financial year data from the ATO shows lost superannuation entitlements have climbed to nearly $6 billion, up 6% from three years ago. ISA's analysis ...
Admin change leaves super fund members in the dark
KARREN VERGARA  |  WEDNESDAY, 1 MAY 2019
... change options, turn insurance on or off or even check balances, for about a month now. Access to accounts via the ATO was also suspended for a time, with accounts showing as closed. CareSuper chief executive Julie Lander told Financial ...
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