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ATO Releases New Blueprint: Reinventing the ATO

Yesterday, the Australian Tax Office released a blueprint containing information on a new unit for wealthy taxpayers, as well as a new design to guide future proceedings with taxpayers.

Entitled ‘Reinventing the ATO’, the blueprint outlines an exclusive unit to deal with wealthy individuals in Australia and at least one million privately owned businesses. The announcement of this new unit comes in response to the government being forced to defend exempting Australia’s biggest private companies from tax disclosure requirements.

Beginning in late April, the taxpayers who make over $1 billion or have $500 million in assets will be personally contacted by the ATO to discuss assessments of tax risks or issues. Other taxpayers in this segment who attract attention from the ATO, will also be provided with a report outlining any risk assessments or concerns.

For thousands of small businesses, the ability to pay all their employee super contributions at once to the Small Business Superannuation Clearing House will be possible by July, and there will also be enhancements made to the ATO’s small business newsroom.

The blueprint is available today on the ATO website, and contains information for both the community and ATO staff.

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Reviewing your super

July 19, 2018

The ATO is encouraging taxpayers to review their super this tax time.

Finding lost super or consolidating any unwanted multiple accounts can make a massive difference to your nest egg.

There is over $18 billion in lost and unclaimed super. Those who have changed their name, address, job or lived overseas are at high risk of having lost super.

During the last five years, more than $10.7 billion of super has been consolidated from over 2.1 million accounts through ATO online services.

The ATO is also reminding taxpayers that the new super deduction is available. Most people under 75 years of age can claim a tax deduction for personal after-tax super contributions.

Personal super contributions deductions provide a level of flexibility for young people that change jobs frequently, self-employed contractors, small business employees, freelancers and people whose employers do not offer salary sacrifice arrangements.

To claim a deduction for any personal super contributions made in 2017/18, you must lodge a notice of intent to claim a deduction with your fund and receive a confirmation letter from them before lodging your tax return.