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ATO targeting online selling and ride-sourcing

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 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.

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News

Proposed measures to increase retirement savings 

December 11, 2019

Currently, people aged 65 to 74 can only make voluntary superannuation contributions if they meet the ‘work test.’ This means they must report themselves to be working a minimum of 40 hours over a 30 day period within the financial year to qualify.

The government has proposed that from 1 July 2020, individuals aged 65 and 66 will be able to make voluntary concessional and non-concessional superannuation contributions without meeting the work test. This approach will enable participants nearing retirement to increase their superannuation savings regardless of their working arrangements.

As well as this, the government also proposes to increase the age limit for receiving spouse contributions from 70 to 74, to be implemented on 1 July 2020. Currently, people aged 70 and over cannot receive any contributions made by another person on their behalf, and the change will give older Australians greater flexibility to save for their retirement.