Dealing With An Excess Super Contributions Determination

Just when most people thought they had finalised their income tax obligations for 2017-18, the ATO has begun issuing determinations for individuals who exceeded their concessional super contributions cap. Concessional contributions include all employer contributions, such as the 9.5% superannuation guarantee and salary sacrifice contributions, and personal contributions for which a deduction has been claimed. A […]

I’m Hiring! Getting the Most from the Gig Economy

What is the gig economy? The gig economy is a labour market made up of an ad hoc workforce, including freelancers, contractors, sole traders and casual employees, who are engaged in short-term or project-based work. It includes workers whose services are engaged via digital platforms such as Uber, Airtasker and a growing number of platforms […]

Guidance on Superannuation measure for downsizer contributions

The ATO has released a ruling and a guidance note on the measure allowing downsizer contributions to be made into superannuation funds. The ruling discusses these contributions and how the measure interacts with other income tax and superannuation concepts including: contribution caps superannuation fund acceptance rules, and capital gains tax (CGT). Generally, a personal contribution […]

ATO’s Use Of Real-Time Data For SG Compliance

As technology improves, there’s a continual move towards real-time data for enhanced and timely administration of the tax system, particularly in the superannuation sector. The ATO is leveraging this real-time data and event-based reporting to make inroads in ensuring employees receive their full super guarantee (SG) entitlements. In the 2017-18 year, the ATO received 31,000 […]

Director Identification Numbers Coming Soon

Being a director of a company comes with many responsibilities, this could soon increase with a government proposal to introduce a “director identification number” (DIN), a unique identifier for each person who consents to being a director. The DIN will permanently be associated with a particular individual even if the directorship with a particular company […]