Latest News

Hot Issues
spacer
Tax Time Checklists- Individual, Company, Trust, Partnership and Super Funds
spacer
SMSFs - Our 'hardest' jobs
spacer
Tax Office reveals adventurous, dubious claims ahead of tax time
spacer
ATO reveals top tax time mistakes, set to contact 1 million taxpayers
spacer
Watch out for charges with incoming GST laws.
spacer
Super savings gap for women stuck at 30%
spacer
‘Wipe the slate clean’: Clients, accountants urged to use new amnesty period
spacer
Statistics for all Australians
spacer
Touch Payroll (STP)
spacer
‘Calm before the storm’: Government proposes 12-month SG amnesty
spacer
Government intensifies cash payments crackdown - Kelly O'Dwyer
spacer
Passive investment companies tax rate still 30%
spacer
Cryptocurrency audits tipped to increase this EOFY
spacer
Australia by numbers – Update
spacer
$2.4m lost to tax scams, ACCC reports
spacer
No GST on digital currency
spacer
Federal Budget 2018 - Overview
spacer
Your Budget
spacer
4 components of our 2018 Federal Budget
spacer
Resources to help understand and implement Single Touch Payroll (STP)
spacer
New rules capture SMSFs trading big with cryptocurrency
spacer
New passive income test for lower corporate tax rate
spacer
Tools to help you manage your financial position are available on our site.
spacer
‘A simple mistake can attract our attention’: ATO reminder about FBT slips-ups
spacer
Australia by numbers – Update
spacer
Beware residency rules if moving overseas
spacer
Meaningful tax reform in high demand
spacer
Working holidaymakers and tax returns
spacer
Single Touch Payroll – 1 April 2018 Action
spacer
Property investors on notice after ATO spots false claims
Article archive
spacer
Quarter 2 April - June 2018
spacer
Quarter 1 January - March 2018
spacer
Quarter 4 October - December 2017
spacer
Quarter 3 July - September 2017
spacer
Quarter 2 April - June 2017
spacer
Quarter 1 January - March 2017
spacer
Quarter 4 October - December 2016
spacer
Quarter 3 July - September 2016
spacer
Quarter 2 April - June 2016
spacer
Quarter 1 January - March 2016
spacer
Quarter 4 October - December 2015
spacer
Quarter 3 July - September 2015
spacer
Quarter 2 April - June 2015
spacer
Quarter 1 January - March 2015
spacer
Quarter 4 October - December 2014
Government to shut down salary sacrifice loophole

The government has announced it will remove a loophole from legislation that allows unscrupulous employers to use their employee’s salary sacrifice contributions to pay their Superannuation Guarantee obligations.

             

 

The government has announced it will remove a loophole from legislation that allows unscrupulous employers to use their employee’s salary sacrifice contributions to pay their Superannuation Guarantee obligations.
In a statement today, the Minister for Revenue and Financial Services Kelly O’Dwyer said the Turnbull government will introduce a bill into Parliament this year that will ensure that contributions made under a salary sacrificing arrangement do not reduce their employer’s superannuation guarantee obligation.

This follows a recommendation from the Superannuation Guarantee Non‑compliance report to remove the loophole.

The report made a number of practical recommendations to improve employer’s compliance with their superannuation guarantee obligations, and was compiled by senior representatives from the ATO, the Treasury, the Department of Employment, ASIC and APRA.

“If Australians are to continue to have confidence in the integrity of the superannuation system, we must ensure employers are paying workers their full entitlements, whether they are wages or superannuation,” Ms O’Dwyer said.

The government also welcomed another outcome of the working group, which has been strengthening cross-agency collaboration to improve the superannuation system for Australians. 

“The ATO has increased its focus on superannuation guarantee compliance and information sharing across agencies has improved. Agencies are committed to a continued focus on protecting employee rights and entitlements and providing a level playing field for employers,” said Ms O’Dwyer.

The government is carefully considering the remaining recommendations made by the working group report to ensure that any measures progressed will improve compliance without unduly burdening employers.

 

STAFF REPORTER
14 July 2017
www.smsfadviser.com

© O'Brien and Partners 2011 - All Rights Reserved | 91 Station Street, Malvern VIC 3144 | Tel: 03 9509 3911 | Fax: 03 9509 3922