December 2023 Newsletter
- ATO recoups $684m in unpaid super
- Testamentary Trusts – Benefits and Pitfalls
- The Sharing Economy Reporting Regime: What Does it Mean For Me?
- Why it’s important to retire with purpose
- The interview questions employers shouldn’t ask you
- Employers Beware Of The Hasty And In The Heat Of The Moment Resignation
- How to invest for your kids
- Woman jailed for pocketing $70k in illegal GST claims
The ATO has recouped and distributed $684 million in unpaid superannuation entitlements to funds and individuals, while also raising over $1.3 billion in super guarantee charge liabilities through compliance actions in the 2022-23 financial year.
During the year, the ATO completed around 14,000 superannuation guarantee (SG) audit cases, coupled with the issuance of 134,000 reminders, which collectively unearthed over $685 million in liabilities, including penalties.
Gone are the days of the 9-5 toil and traffic-riddled commutes. Once you retire, what you do with your day is completely up to you—you have the control.
Before you head to an interview, it’s important to be aware of the questions that recruiters and employers shouldn’t be asking you.
Employers use job interviews as a way to work out how suitable you are for a role – and the interview is an ideal opportunity to discuss your skills and expertise.
But there are limits to what employers can or should ask you about. Here’s what you need to know.
One of the most common questions we get is how you can make investments on behalf of your children. Investing for your kids not only provides them a leg up financially, but also teaches financial responsibility and the life skill of investing. Most brokers, asset managers and investment platforms allow you to hold accounts as a custodian, or ‘in trustee of’.
Regardless of the name, the consequences of holding it in this manner means that the adult must wear any tax consequences until the minor turns 18.
Announcements:This month we congratulate Phoebe on achieving her 7th work anniversary and wish Lee a very happy birthday!
Important ATO Dates
|November monthly activity statements
Victorian Flood Grant Support Extended
For existing applicant(s), please be advised in relation to the Victorian and Commonwealth Government’s Flood Support Package, the final date to submit eligible claims for re-imbursement has been extended from 13 January 2024 to 31 May 2024.Please note with the passage of time, some eligible claims immediately following the flood event are unlikely to be eligible claims if purchased now (e.g. fodder purchase). This extension applies to successful applicants of the:
- Primary Producer Flood Recovery Grant,
- Rural Landholder Grant, and
- Transport Support Program.
ATO Data Matching of Unpaid Employee Super
Christmas Office Hours
50% Pension Drawdown Ended 30 June 2023
|AGE AT 1 JULY EACH YEAR
|MINIMUM DRAWDOWN RATES
|Preservation age to 64
|65 to 74
|75 to 79
|80 to 84
|85 to 89
|90 to 94
|95 and over
Automatic Refunds of Franking Credits
Quarterly SMSF Reporting (TBAR)This is a reminder to all Self Managed Superannuation Fund (SMSF) Trustees that you may be required to provide quarterly ‘Transfer Balance Account Reporting’ (TBAR) reports if certain events have occurred over the last quarter. These events include:
- Starting a new retirement phase and/or death benefit income stream
- If you paid yourself a lump sum amount from your retirement phase income streams (in addition to your regular pension payment)
- Made payments under a limited recourse borrowing arrangement (LRBA) where the payment results in an increase in the value of the member’s interest that supports their retirement phase income stream
- Complied with a commutation authority issued by the Commissioner
- Received a personal injury (structured settlement) contribution