The Australian Tax Office is collecting data from financial institutions and online selling sites as part of their data matching programs for credit and debit cards, online selling and ride-sourcing.
The data will include:
the total amount of credit and debit card payments businesses received
online sellers who have sold at least $12,000 worth of goods or services
payments made to ride-sourcing drivers from accounts held by the ride-sourcing facilitator
The ATO will match this data with information from income tax returns, activity statements and other ATO records to identify any discrepancies. Data matching helps the Tax Office to identify businesses that need help and those that may not be reporting all their income or meeting their registration, lodgment or payment obligations.
Business owners who think they might have made a mistake or left something out are urged to contact our office to correct your mistake, amend your return or make a voluntary disclosure. The ATO may reduce or even waive penalties if you make a disclosure before the Tax Office contacts you.
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:
Exit fees
Insurance policies
Investment options
Ongoing service fees
Performance of the funds
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:
Your tax file number.
Proof of identity. This could include your driver’s license, birth certificate or passport.
Your fund’s superannuation product identification number (SPIN).
Your fund’s unique superannuation identifier (USI).
