News from the ATO

  1. SuperStream deadline around the corner:

SuperStream is an innovation by the Australian government that involves a new way by which employers are required to pay super. It involves paying super and sending across information electronically to the employees. 60% of Australian businesses have already adopted the practice and the deadline for others is fast approaching. All businesses will be permitted to adopt this system by 30th June.

  1. ATO identifies High Risk Industries for Super Guarantee

Every year ATO releases a list of industries that they believe are at high risk of not meeting super guarantee obligations for their deserving employees. For this year, the following have been identified:

  • Bakeries
  • Car Retailers
  • Computer System Designers
  • Supermarkets
  1. Selling a property over $2 million? New rules that you must consider

If you are planning to sell an Australian property on or after 1 July 2016 that has a market value of $2 Million or greater, you are liable to a 10% non-final withholding tax. Australian resident vendors can avoid this withholding tax by obtaining a clearance certificate from the ATO before making any settlements.

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