Tag: Superannuation

Single Touch Payroll – ATO discussion paper

The ATO has issued a discussion paper on the proposed introduction of single touch payroll for employers from 1 July 2016. Under Single Touch Payroll, employers will be required to electronically report payroll and superannuation information to the Tax Office when employees are paid using Standard Business Reporting-enabled software.

In addition, Single Touch Payroll will streamline tax file number (TFN) declarations and Super Choice forms by providing a digital channel to simplify the process of bringing on new employees. Single Touch Payroll will be available from July 2016.

To meet their obligations employers would be required to use appropriate payroll software. The discussion paper seeks views on transitional issues, suggestions on how to minimise compliance costs and the potential for employers to remit employee Pay As You Go Withholding and the Superannuation Guarantee Charge contributions at the same time employees are paid.

In a nutshell, you won’t have to fill in the wages section on your BAS but you may have to send the tax withheld from wages to the ATO every week when you do the wages instead of every quarter when you do your BAS.

Tax Office offers new tax file numbers to around 3,000 super funds

The Tax Office has written to 3,122 trustees of self managed super funds offering them a new tax file number (TFN) for their funds.

The funds’ existing tax file numbers were on a CD of scanned letters being sent to the Tax Office via an authorised (door to door) courier from the company contracted to print the letters. The courier received the CD but it was not delivered to the Tax Office and has gone missing.

Tax Commissioner Michael D’Ascenzo said he wanted to assure the community the Tax Office takes the privacy of their personal details very seriously.

“Nothing is more important to the community and fundamental to good tax administration than the security of taxpayer information,” Mr D’Ascenzo said.

“I am concerned that this parcel containing taxpayer information has failed to be delivered, even though the courier believes the parcel is still within their warehouse facilities.

“While there is no evidence the information has fallen into the wrong hands or been misused, I am taking the matter seriously.

“As there is a risk the information could be misused if the courier is unable to locate the CD, we are providing the relevant trustees the opportunity to ensure that there is no unauthorised use of their funds’ relevant tax records.

Tax office Media release 2008/53

Lost super grows

The level of lost superannuation assets and lost member accounts in the Australian superannuation system increased in the 2007-08 financial year.

The Lost Members Register increased from $11.9 billion in superannuation assets on 30 June 2007 to $12.9 billion on 30 June 2008, an increase of 8.4 per cent.

The total number of lost member superannuation accounts rose by 315,325 or 5.2 per cent, from 6.1 million accounts on 30 June 2007 to 6.4 million accounts at 30 June 2008.

The Superannuation (Unclaimed Money and Lost Members) Act 1999 requires super funds to report to the ATO twice a year on the details of member accounts that meet the definition of lost member. The information is retained in a register of accounts called the Lost Members Register.

Graph of lost super growth

From press release no.66 Minister for Superannuation & Corporate Law