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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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Transition to retirement

November 25, 2020

The transition to retirement (TTR) strategy allows you to access some of your super while you continue to work.

You are able to use the TTR strategy if you are aged 55 to 60. You can use it to supplement your income if you reduce your work hours or boost your super and save on tax while you keep working full time.

TTR can help ease your mind as you transition into retirement but it can be a bit complex. Before you choose whether you want to use TTR to reduce work hours or save on tax, or even if you want to use TTR altogether, you should figure out how this will impact all aspects of your finances.