12 Sep 2019 Latest superannuation news
Too much super contributions can mean extra tax
There are caps on the amount you can contribute to your super each financial year to be taxed at lower rates. If you contribute over these caps, you may have to pay extra tax, which could be as high as 94% in some cases.
Find out more here.
Stopping schemes to illegally access super
The ATO is implementing steps that will help prevent the transfer or rollover of funds to SMSFs created for the purposes of illegally accessing super. Find out more here.
Low income superannuation tax offset – annual reports
Low income superannuation tax offset annual reports from the ATO can be found here.
Superannuation co-contributions reports
Superannuation co-contribution reports from the ATO can be found below:
'Superannuation: a system in transition' – an update to industry
Senior ATO executives updated Association of Superannuation Funds of Australia members on the latest developments in super reform at the ASFA National Policy Roadshow in August. You can read the speech here.
ATO Online Superannuation Screens Communications Working Group
The ATO Online Superannuation Screens Communications Working Group is the key forum for members to share, discuss and shape the superannuation screen on ATO Online.
The group will provide an opportunity for both the industry and the ATO to undertake discussions to develop and improve communication documentation which supports the deployment of new and updated superannuation screens on ATO Online, including but not limited to narratives, call centre scripting and help content.
More information can be found here.
- CRT Alert 044/2019 Processing First home super saver (FHSS) release authorities