September 21, 2016

Tax Scheme Sound too good to be true? It probably is!

Tax Scheme Sound too good to be true? It probably is! The ATO has launched Project Super Scheme Smart, an initiative aimed at educating advisers and individuals about the potential pitfalls of retirement planning schemes. The ATO has had considerable success to date in shutting down tax avoidance schemes but recently has seen an increase in schemes designed specifically to target those approaching retirement. “Retirement planning is a critical and exciting time in people’s lives as they work out how they’ll manage their finances after they leave the workforce. For many, they rely heavily on the advice of financial planners, accountants, and other advisers. “Unfortunately, promoters of these risky schemes are aware of the role that advisers play at this critical time and are targeting advisers to get their assistance in recommending schemes to clients,” Mr Cranston said. According to the ATO, people most at risk of being targeted are those […]
June 16, 2016

Are you Super Stream Ready?

With the 30 June 2016 deadline looming, the ATO strongly encourages small businesses to get on board with SuperStream today. More than 65 per cent of all Australia’s small businesses are already on board with SuperStream. If your business is not one of them, you’ve got just weeks to do so. You can select how your business becomes SuperStream ready. Options include using a payroll system that meets the SuperStream standard, a super fund’s online system, a messaging portal or a super clearing house like the ATO’s Small Business Super Clearing House (SBSCH). The SBSCH is a free, optional service for small business with 19 or fewer employees, as well as businesses with an annual aggregated turnover of $2 million or less. Some small business owners, already using SuperStream, have reportedly cut time spent on super processing by around 70 per cent each cycle. Regardless of the SuperStream option you […]