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ATO amnesty offer reveals over 1000 offshore tax evaders

As part of their project DO IT, the ATO have successfully uncovered over $550 worth of assets that Australians hold offshore.

The tax office is offering a period of amnesty that allows them to come forward and reveal offshore assets without the risk of heavy penalties. The ATO will only assess four years of income for those who come forward and this will be subject to a maximum shortfall penalty of 10%. The ATO is also guaranteeing that there will be no prosecutions.

However, for taxpayers who do not reveal their offshore holdings before the mid-December deadline there may be a hefty tax bill. The full amount will be assessed as income, meaning almost half will go to the ATO. On top of that, because the assets were subject to tax evasion, the ATO may apply an additional penalty of 90%, and this can be subject to interest charges.

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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: