Latest Accounting News

Quarter 2 of, 2017 archive

  • ‘Bank-like heists’ make way for new wave of cyber crime
  • ATO reports on key contraventions for 2016-17
  • ATO, mid-tiers warn on common expenses myths
  • SMSF trustees told to take action on contributions
  • Higher instant asset write-off threshold for small business extended
  • Australian population figures
  • New data points to spiralling retirement costs
  • Personal insolvency numbers spike across Australia
  • ATO cracking down on taxable fringe benefits
  • Intangible capital improvements made to a pre-CGT asset
  • The three core pillars of this year's budget
  • Federal Budget - 2017-18 - Overview
  • Does your business import or export goods and services?
  • Federal Budget - 2017-18 - Budget documents
  • When does an asset cost less than $20,000? Depreciating assets: composite items
  • ATO finalises guidance for capped defined income streams
  • Warning on trap with trust deed updates
  • 2011 Census - what was the make up of your area?
  • It’s no secret that Australians have some of the largest houses in the world.
  • Resources on our site to help you and your family.
  • ATO defends approach to SG compliance
  • Essential steps for SMSF clients before 30 June
  • New tax incentives for early stage investors
  • FBT Reminder – Odometer Reading
  • ATO on 'aggressive' debt recovery hunt
  • More ATO downtime looms ahead of tax time
  • Tax debt release applications refused
  • Troublesome tax system overhaul picks up speed
  • Government to ‘put to bed’ uncertainties with TRIS
  • Travel expense and transport of bulky tools claim denied
  • New law sheds light on global tax issues
  • Report tips housing price spikes to wipe out super savings
  • ATO defends approach to SG compliance

    Following calls for the ATO to overhaul its approach to the issue of unpaid super, the tax office has pointed to the significant resources dedicated to super guarantee compliance and the billions in entitlements that have been transferred to employer accounts.

           

     

    Industry Super Australia hit out at the tax office yesterday, backing a Senate committee’s calls for the ATO to address its reactive and “problematic” approach to unpaid super.

    The ATO has since released a statement outlining its work in reining in non-compliance, in particular pointing to the hundreds of millions of recovered funds for Australian workers.

    “In 2015-16 we undertook around 21,000 cases that addressed SG non-compliance, raising $670 million in SG, including penalties, from a range of reviews and audits,” said Deputy Commissioner James O’Halloran.

    “Since 2010-11, we have transferred almost $2 billion in SG entitlements to employee’s super funds as a result of ATO action,” she said.

    Addressing suggestions that the ATO’s approach to non-compliance is reactive, Mr O’Halloran said the ATO undertakes a range of compliance activities to detect issues before they arise.

    “This includes analysing our data to detect patterns in non-payment, identifying high-risk industries, and taking firm action with employers who do not cooperate with requests to ensure employee entitlements are paid on time,” Mr O’Halloran said.

    “Third-party referrals from intermediaries such as super funds, employee associations, other government agencies and tax professionals are additional sources of information for compliance action.”

     

    KATARINA TAURIAN

    Thursday, 04 May 2017
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