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Showing 251 - 260 of 959 results for "ATO"

Increase to super contribution cap

ELIZABETH MCARTHUR  |  TUESDAY, 6 APR 2021
... also increase from July. From 1 July 2021, the non-concessional contribution cap will increase from $100,000 to $110,000. The ATO has also increased the transfer balance cap, the limit on how much super can be transferred to a tax-free retirement account ...

Super runs out before death: ASFA

KARREN VERGARA  |  WEDNESDAY, 31 MAR 2021
... The wealthy tend to receive substantially more thus increasing intragenerational inequity, the review found. In 2018, the ATO estimated around over 1.7 million Australians aged 70 and over do not have super at all. For a minority of retirees, their superannuation ...

Chief economist update: Australia's virtuous cycle keeps on turning

BENJAMIN ONG  |  MONDAY, 29 MAR 2021
... limited. This is because workers' reliance on the subsidy has already been declining. The Australian Taxation Office (ATO) reported that the number of employees availing of JobKeeper dropped by 57.2% in the December 2020 quarter from the second and ...

PYSP reunites $4.3bn of lost super

KANIKA SOOD  |  FRIDAY, 19 MAR 2021
... Protecting Your Super Package legislation which asked super funds to hand over inactive accounts to the Australian Taxation Office (ATO) has returned $4.3 billion to members in about 17 months. Between 1 November 2019 and 28 February 2021, nearly 3.3 ...

ASIC bans adviser over dodgy super consolidation

ELIZABETH MCARTHUR  |  MONDAY, 15 MAR 2021
... own interests over the interests of consumers. He charged fees for super consolidation - a service which is free through the ATO - on an ad hoc basis without transparency, fairness, or consistency. ASIC said Bhandari pressured consumers into signing ...

ATO warns of new SMSF scheme

ELIZA BAVIN  |  MONDAY, 15 MAR 2021
The Australian Taxation Office (ATO) has warned SMSF trustees of a new scheme it has uncovered that aims to avoid paying potential tax liabilities. The ATO said while it is important to plan for retirement and look for ways to maximise retirement assets ...

Dodgy SMSF operator loses appeal

ELIZABETH MCARTHUR  |  FRIDAY, 12 MAR 2021
... declared that self-managed superannuation funds (SMSFs) had been audited when in fact they had not. Following a referral from the ATO over SMSF auditor number misuse, the TPB found that Cross and his partner had failed to act honestly or with integrity ...

Pandemic boosts scam complaints

ANNABELLE DICKSON  |  THURSDAY, 11 MAR 2021
... sum with complaints reaching amounts of $1 million. AFCA resolved disputes totalling $294 million. Earlier this year, the ATO found the early release of super scams cost Australians over $6 million. Untersteiner noted that superannuation funds worked ...

Women boost SMSF balances

ANNABELLE DICKSON  |  WEDNESDAY, 10 MAR 2021
... than it has for men over a five-year period to the 2018/19 financial year, new data shows. The Australian Taxation Office's (ATO) annual statistical overview on SMSFs showed the average female balance increase by 28% while males increased by 22%. Despite ...

Government passes advice, super reforms

ANNABELLE DICKSON  |  FRIDAY, 26 FEB 2021
... the Treasury Laws Amendment (Reuniting More Superannuation) Act 2021 which will require funds from ERFs that are sent to the ATO to be proactively reunited with a member within 28 days. The reform will result in the removal of duplicate accounts therefore ...