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ATO provisions for mental health

Small business owners suffering from mental health issues can seek the ATO’s help in meeting their taxation and super commitments.

If you are going through tough times take advantage of ATO services that will help keep your finances in check.

Get in contact with the ATO
Get in touch with the ATO as soon as you realise your mental health is impacting your ability to keep track of your tax. An ATO official can assess your circumstances, advise you on your options and help come up with a solution. The ATO offers an after-hours web chat and an after-hours call back service to get you the help you need. If you wish to talk over the phone, book in a time by completing the ATO’s online form. You may also have a person speak on your behalf provided you have authorised them as a nominated representative and verified their identity.

Support options
Once you have contacted the ATO, there are several options you can choose from to make it easier to stay up to date at tax time:

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taxation
planning

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News

What to consider when consolidating your super

August 27, 2020

The ATO reported that 45% of working Australians were not aware that they had multiple super accounts in 2016. Having multiple super accounts is particularly common for individuals who have had more than one job. If this is you, it is important to identify and manage your super accounts because having more than one can be costly as a result of account fees from multiple funds.To combat this, you may want to consolidate your super, which moves all your super into one account. Not only does this save on fees, but it also makes your super easier to manage and keep track of.

Before consolidating your super, it is important to do the following:

Research your funds’ policy
Compare your active super accounts so you can make the right choice about which one you should close. Things to assess include:

Check employer contributions
Changing funds may affect how much your employer contributes, as some employers contribute more to certain funds. Check your current accounts to see if changing funds will affect this. Once you have selected a super fund, regardless of whether you choose a new super fund or one of your existing ones, provide your employer with the details they need to pay super into your selected account.

Gather the relevant information
When consolidating your super, you will need to have the following details ready: