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Focus on wealthy Australians

The ATO has received additional Government funding to continue their focus on improving the voluntary compliance of wealthy Australians until 30 June 2017.

The ATO began focusing on wealthy Australians in 2009-10 with the ultimate goal of influencing all wealthy Australians to pay their fair share of tax. The ATO hoped to do this by changing attitudes and behaviours associated with tax manipulation, avoidance and schemes.

Wealthy Australians are defined as Australian residents who control net assets of between $5 million and $30 million.

The ATO’s strategy to influence wealthy Australians includes:

-gaining a greater and more detailed understanding of wealthy Australian’s

-treating systematic tax risk

-heightening ATO visibility in the community through education

The ATO has undertaken direct enforcement action, including comprehensive reviews and audits, as well as engaging with individuals through letter and phone campaigns.

The ATO has also recognised that many people who fall into the category of ‘wealthy Australian’ are asset rich but cash poor. This has led the ATO to work on managing disputed, collectable and insolvent debt.

As a result of their compliance activities, the ATO have exceeded liability targets.

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News

What to do with your Lost Super

March 19, 2021

After COVID 19’s impact on the world, an influx of employees who had lost their jobs fell into the job market. Many of these came from companies that couldn’t afford to continue their employment. As a result, many individuals had to seek alternative employment, or draw from their super. Some individuals took on multiple jobs to pay bills, and others drew from the super that they had accumulated in the government’s early release scheme specifically for coronavirus related income loss.

Super is held by superannuation funds, and accumulates as a result of how much super an employer pays to the employees’ funds. Many Australians may find that they actually possess multiple super accounts as a result of having “lost” their super accounts during changeovers. It can also happen as a result of changing names, moving addresses, living overseas or changing jobs.

Australians can use the ATO’s online tools to:

As superannuation funds often have fees associated with their upkeep, as well as insurances that may be tied into it (such as life, total and permanent disability and income protection), it’s important to consult with providers before accounts are consolidated.

https://www.ato.gov.au/Individuals/Super/Growing-your-super/Keeping-track-of-your-super/#Lostsuper