spacer spacer spacer spacer spacer spacer spacer spacer
spacer
spacer
    Latest Accounting News

Telephone: 03 9727 1244
Facsimile: 03 9727 0244
Email: Email Us

Address: Suite 2, 96 Manchester Rd, Mooroolbark VIC 3138
spacer
Hot Issues
Part 1 – Budget reminders. Under the Hood.
Part 2 – Budget reminders. Under the Hood.
Part 3 – Budget reminders. Under the Hood.
Comprehensive list of COVID-19 initiatives and packages.
Businesses not meeting obligations warned as ATO restarts compliance programs
Employers cautioned over ‘hard and fast’ decline in turnover eligibility
‘Follow the spirt of the law’, warns ATO
$120m in JobKeeper clawed back by ATO, new compliance areas highlighted
Budget 2020 - A very comprehensive break down.
Budget 2020 - Fact Sheets
Budget 2020 - At a Glance, Overview, Outlook
Temporary home office expenses shortcut extended again
JobKeeper extension – changes implemented
JobKeeper Participants – are “workers”
Commissioner registers updated JobKeeper alternative tests
Varying Pay As You Go (PAYG) Instalments
Reminder of Medicare Levy Surcharge (MLS)
September update of latest COVID-19 initiatives.
ATO JobKeeper 2.0 guidance surfaces
Expats Return to Australia – Travel Expenses
Profession to be relied on for post-JobKeeper turnover certificates
Update of Superannuation contribution rules from July 1, 2020
Expats & COVID-19 Impacts on tax residency
Economic recovery could be slower than anticipated: RBA
High Court rules in favour of employers on personal leave accruals
JobKeeper Phase 2 - Latest Update
Articles archive
Quarter 3 July - September 2020
Quarter 2 April - June 2020
Quarter 1 January - March 2020
Quarter 4 October - December 2019
Quarter 3 July - September 2019
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 1 of 2015
Articles
ATO states estimates are acceptable
Hockey considers super access for first time home buyers
Reportable Fringe Benefit Amount - Employer Reporting
Simple Mistake on Share Transfer
ATO highlights billions in forgotten super
In a bankruptcy what does a trustee do?
Bankruptcies, what are they?
SMSF trustees unprepared for new collectibles rules
We wish all our clients a Merry Christmas, a Happy New Year and a restful holiday
Employee Christmas Parties and Gifts – Any FBT?
Breaking down the latest ATO determination on TRIS
ATO highlights billions in forgotten super

 

The ATO is encouraging those with multiple super funds to consolidate their super into one account, .....


..... with 45 per cent of working Australians currently holding more than one super fund.



       


According to the ATO, this figure is lower overseas with only 26.2 per cent holding multiple pension funds.


Based on statistics from the Australian Prudential and Regulation Authority, the ATO said the median figure for fees and charges paid by Australians for a low cost super account is $532 per year.


The ATO said Australians are currently wasting thousands of dollars every year and by combining their super into one account will reduce the amount paid in annual fees.


ATO assistant commissioner of superannuation John Shepherd said it is not uncommon for people to open a new super account when they start a new job instead of taking their super fund with them when they change jobs.


“People might also have super accounts which they have lost track of, for example, they may not have updated their contact details with their funds when they moved house – there are still $5.8 billion worth of accounts in this category,” he said.


Mr Shepherd said there has, however, been a significant increase in Australians merging their super into one account with more than 265,000 accounts with balances totalling $1.13 billion consolidated in the six months to December 2014.


“In one case, 17 accounts were consolidated,” he said.


“This is a rise of 400 per cent from the six months to December 2013 when 52,000 accounts worth more than $270 million were consolidated.”


Before consolidating, Mr Shepherd said individuals should look at the insurance cover they have with each fund, as it will be cancelled once they close their account.


“People should also make sure their super fund has their tax file number,” said Mr Shepherd.


“They’ll pay less tax on their super and it will help us to make sure all their super accounts are displayed online.”


Written by Staff Reporter
Thursday, 05 February 2015
http://www.smsfadviseronline.com.au


 




22nd-February-2015
 
sitemap | site by AcctWeb