- 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.
- 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:
- Car Retailers
- Computer System Designers
- 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.