With the new tax year comes an awoken ATO with promises to fill the $8.7 billion tax gap. Tax gap analysis from the ATO has revealed the harrowing news and promises of reprimand quickly followed.
There have been a number of reforms introduced to protect an individual’s super savings from undue erosion by fees and unnecessary insurance. The ATO will also be able to consolidate unclaimed super into eligible active super accounts, including SMSF and small APRA funds
As a result of the introduction to Single Touch Payroll (STP), how taxpayers receive their payment summary or income statement from their employer depends on whether their employer is registered. This change may see many taxpayers needing to setup a myGov account and link it to the Australian Taxation Office (ATO)