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Tax penalty remissions

The Australian Taxation Office distributes penalties to ensure individuals are not making misleading or false statements regarding income, business and wealth matters.

Studies indicate there is over $5.5 billion lost every year through tax avoidance in Australia, a massive amount of money. One of the reasons these penalties exist is to ensure taxpayers take more care and responsibility in adhering to their tax responsibilities.

While the ATO has the power to distribute penalties, they also have the discretion to reduce or modify the penalties individuals owe. If you find yourself in a position where you are owing money due to penalties such as failing to lodge in due time, PAYG withholding, etc., there are a number of actions you can take. You can make a request to remit or cancel your penalty either online, by phone or by mail.

In your request to remit or cancel a taxation penalty, you will need to provide the following:

The ATO will review your request and notify you of its final decision. Factors that will be considered include:

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News

What to consider when consolidating your super

August 27, 2020

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:

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: