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2014 lodgement changes

From 1 April 2014 taxpayers will be required to provide their financial institution account (FIA) details when lodging fringe benefit tax returns.

From 1 July 2014 taxpayers will be doing the same for tax return lodgements, even if the details have been provided before.

These requirements were first put in place for individual tax return lodgements and took effect on 1 July 2013.

Providing FIA details will allow the ATO to issue any resulting refund by electronic funds transfer to the FIA that is nominated.

Electronic funds transfer is the fastest and most secure way for taxpayers to receive their refund. It is convenient for both the ATO and the taxpayer and it ensures the refund is paid directly into a nominated bank, credit union or building society account. Alternatively, taxpayers can speak with their tax agent about using their trust account, if they operate one.

It is important that taxpayers ensure their FIA details are correct when lodging as this will help to prevent delays in receiving their refund, and also ensures that their money does not go into the wrong account.

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News

Superannuation for Women

January 18, 2019

It’s no secret that the median super balance for Australian women at the time of retirement is significantly lower than that of their male counterparts. The Australian Commission & Investments Commission (ASIC) have reported that men retire with about twice the amount as women. The discrepancy is reportedly even higher between Mums and Dads. Between lower wages and a higher likelihood of having an interrupted working life for women, women also tend to live longer and thus require more super to cover more years. Unfortunately, between personal finances, business financial capabilities, and governmental policies, actions to close this gap can be limited.

Where viable, private companies can consider: