New law proposed strengthening ATO’s powers: Are you ensuring that your employees get their Superannuation entitlements?

New law proposed strengthening ATO’s powers: Are you ensuring that your employees get their Superannuation entitlements?

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The Government is currently seeking submissions on an exposure draft of the Treasury Laws Amendment (Taxation and Superannuation Guarantee Integrity Measures) Bill 2018 (the draft Bill). The draft Bill strengthens the powers of the Australian Tax Office (ATO) in relation to the payment or non-payment of the Superannuation Guarantee and makes some related compliance changes. In today’s article, we summarise the five key changes in that draft Bill. To ensure that you are fulfilling your existing Superannuation Guarantee obligations make sure you consult professional tax advice. By Dr Drew Donnelly, Compliance Quarter Background to the Superannuation Guarantee Superannuation Guarantee is the amount that an employer is required to contribute towards an employee’s superannuation. It is payable quarterly and if an employer fails to pay they are liable to pay a…
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The superannuation overhaul: seven areas of reform in the draft bill out for consultation

The superannuation overhaul: seven areas of reform in the draft bill out for consultation

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Today we look at proposed changes to regulatory obligations for those operating in the superannuation sector. Namely, the seven key changes contained in the draft Treasury Legislation Amendment (Improving Accountability and Member Outcomes in Superannuation) Bill 2017 (the draft bill). By Dr. Drew Donnelly, Compliance Quarter Useful terminology The reforms proposed in the draft bill are generally concerned with ‘Registrable Superannuation Entities’ (RSEs). Under section 10 of the Superannuation Industry (Supervision) Act 1993 (the SIS Act), an RSE is either a regulated superannuation fund, an approved deposit fund or a pooled superannuation trust. It does not include a self-managed superannuation fund. In particular, the focus is on the obligations of ‘RSE licensees’ (those who have been given a licence to operate an RSE), as well as ‘trustees’ of a fund…
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