ATO claws back $850m in unpaid SG in FY 17-18

Compliance activities undertaken by the ATO in the 2017-18 financial year saw the ATO raise around $850 million in unpaid super entitlements.

         

 

Compliance activities undertaken by the ATO in the 2017-18 financial year saw the ATO raise around $850 million in unpaid super entitlements.

ATO deputy commissioner, superannuation, James O’Halloran said that during the 2017-18 financial year, the ATO received around 31,000 employee notifications and contacted approximately 24,000 employers.

“We also completed 19,000 employee-generated cases. Additionally, we initiated a further 13,000 SG audits and reviews based on our risk modelling. Total liabilities raised by this casework were approximately $850 million,” said Mr O’Halloran.

 

Miranda Brownlee
25 October 2018 
smsfadviser.com

Latest Accounting News

Behavioural Coaching and your financial plans

Behavioural coaching is a major component in how a financial planner adds value to your...

Read More

FBT – Christmas Parties and Taxi Fares

Some employers, who are commendably anxious to protect their employees and clients from the drink/driving...

Read More

Information needed to be the BBQ expert.

Comprehensive statistics on how Australia is performing.             An up-to-date snapshot...

Read More

Tax consequences of trust vesting

The Australian Taxation Office (ATO) has issued a long-awaited ruling on trust vesting, including changing a...

Read More

Fringe Benefits Tax (FBT): employees’ private use of vehicles

The Australian Taxation Office has issued guidance for employers on determining an employee’s private use of...

Read More

ATO to contact clients over bank details

The Tax Office will be sending SMS text messages to clients who provided incorrect bank account details in...

Read More

ATO claws back $850m in unpaid SG in FY 17-18

Compliance activities undertaken by the ATO in the 2017-18 financial year saw the ATO raise around $85...

Read More

Appetite for property in SMSFs shows signs of life despite tough market

Interest in property investment from younger SMSF trustees continue to hold steady despite tighter policy...

Read More

Superannuation gender gap narrowing, research shows

Over the past decade, there has been improvement in the number of women holding superannuation accounts and...

Read More

Identification numbers for directors

The Government has announced a package of reforms to combat phoenix activities, including the introduction of...

Read More

Rear view of couple seated on bench reading English text on wall

How financial advice helps create wealth.

An article based on a 16 year study by Vanguard Investments Pty Ltd.             Last month ...

Read More

Unlocking equity crowdfunding in Australia

Equity crowdfunding has been a popular method to raise capital in many countries for the last few...

Read More