From 1 November 2021, where an employee does not identify a superannuation fund, the employer is required to contact the ATO and request details of the employee’s existing superannuation fund or ‘stapled’ fund (the fund stapled to them).
Is a financial services compensation payment to your superannuation fund a contribution? Of late, there have been several compensation payments made by financial services providers to customers that were inappropriately charged or overcharged for insurance premiums or services they did not receive.
According to new guidelines issued by the Australian Taxation Office, small businesses that pay accountants or bookkeepers to apply for tax-exempt COVID-19 grants on their behalf will not be able to claim tax relief for the service.
The ATO has issued a warning to property investors this tax time following rental income and deduction errors found in over 70 per cent of tax returns audited last financial year.
The COVID-19 support payments received by individuals and businesses are set to be regarded as non-assessable non-exempt income after the introduction of a new legislation into Parliament.
The individuals who participate in the share economy such as Uber, Deliveroo & Airbnb will no longer be able to escape their tax obligations as the government determines the implementation of a legislation for a new compulsory reporting regime.
Businesses have been given extra time to submit their Single Touch Payroll finalisation declaration this year as the ATO acknowledges the continuing impacts of COVID-19.