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Showing 1 - 10 of 100+ results for "Australian Tax Office"

EOFY tips for advisers

KARREN VERGARA  |  WEDNESDAY, 30 JUN 2021
... substantial taxable profit into a tax loss. This only works for companies but not sole traders," he said. The Australian Tax Office classifies a small business as one with a turnover of less than $10 million. "So, a company that buys an asset that in ...

GBST improves compliance checks

KARREN VERGARA  |  TUESDAY, 29 JUN 2021
GBST has upgraded its solution to make it easier for superannuation funds to identify members and meet Australian Tax Office tax obligations. GBST Digital now allows super funds to integrate ID verification in their systems without compromising the ...

ASIC changes ETF market maker rules

KARREN VERGARA  |  TUESDAY, 22 JUN 2021
... As part of the review that led to this change, ASIC consulted with ETF issuers and market makers, and the Australian Tax Office. After reviewing the local authorised participant requirement and consulting stakeholders, ASIC found that the local authorised ...

Superannuation assets hit $3.13tn

KARREN VERGARA  |  WEDNESDAY, 26 MAY 2021
... government's JobKeeper program ended, employer contributions of $24 billion decreased by 1.1%. The latest Australian Tax Office's statistics show that there are 597,396 SMSFs at the end of March. The number of SMSF members stood at 1.12 million and during ...

Increase to super contribution cap

ELIZABETH MCARTHUR  |  TUESDAY, 6 APR 2021
Just before the Easter long weekend the Australian Tax Office confirmed an increase to superannuation contribution caps. From 1 July 2021, the annual concessional contribution cap will increase from $25,000 to $27,500. "Australians will be able to put ...

Super runs out before death: ASFA

KARREN VERGARA  |  WEDNESDAY, 31 MAR 2021
... Australia (ASFA) claims that most retirees run out of super well before the end of their lives, pointing to the Australian Tax Office, APRA and unpublished data from the Household, Income and Labour Dynamics in Australia (HILDA). Some 80% of those aged ...

SMSFs given small LRBA win

KARREN VERGARA  |  TUESDAY, 23 FEB 2021
... consequences if the loan interest has been capitalised because of COVID-19. This recent announcement by the Australian Tax Office was welcomed by the SMSF Association. SMSFA deputy chief executive and director of policy and education Peter Burgess said ...

ERS costs big super funds

ELIZA BAVIN  |  MONDAY, 30 NOV 2020
... eligible members have taken an average of 3.3 business days after receipt by funds of the application from the Australian Tax Office (ATO) and 95% have been made within five business days. Over the week to 22 November, 20,000 applications were received ...

Westpac scraps SG direct debits

KARREN VERGARA, JAMIE WILLIAMSON  |  MONDAY, 21 SEP 2020
... to comply with SG obligations has robbed workers of their retirement savings worth $3.6 billion, based on Australian Tax Office estimates from 2015. Industry Super Australia thinks this figure is closer to $6 billion. New figures from the ATO reveal ...

ERS withdrawals surpass $32bn

ELIZA BAVIN  |  MONDAY, 31 AUG 2020
... eligible members have taken an average of 3.3 business days after receipt by funds of the application from the Australian Tax Office (ATO) and 95% have been made within five business days. The 10 funds with the highest number of applications received ...
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