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‘Visible, valued and owned’: ATO outlines super priorities for new year

The ATO has renewed its commitment to making sure super is “visible, valued and owned” in 2020, naming consolidation of member accounts and reducing the incidence of SG non-payment as some of its key priorities for the coming year.

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Tax Office sounds warning on 8 types of super schemes

The Australian Taxation Office has earmarked a number of superannuation and SMSF schemes it says are under additional scrutiny for their ability to enable taxpayers to evade laws around superannuation and tax rules.

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Don’t forget sharing economy income

Money that you earn from “gig” jobs through platforms like Uber, Airtasker and Airbnb, such as transporting passengers or renting out a room or house, counts as your assessable income.

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Salary sacrificing and the superannuation guarantee

Employers should take note of the new rules that became law on 28 October 2019, regarding the application of compulsory superannuation guarantee to salary sacrificed superannuation amounts.

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Why so much super “stuff” this year?

New rules mean that insurance coverage will be cancelled on “inactive” superannuation accounts from 1 July 2019, unless the fund member informs the fund in writing that they want to keep the insurance.

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Reverse Mortgage?

Some elderly Australians are trapped asset rich, income poor.  Whilst downsizing might be the smartest solution, another option is a reverse mortgage.

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How the gig economy could create hidden tax issues for contractors and employers

Workers and employers are benefiting from the burgeoning gig economy in which people work part-time or on a project basis, often for a stable of employers.

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15,000 tip-offs as ATO black economy hotline rings hot

Black economy tip-off calls to the ATO have breached the 15,000 mark in the three months since it launched its new tax integrity centre, with cash payments and income declaration among the biggest gripes.

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