From 1 July 2019, a new bill will put a stop to insurance premiums being paid out of inactive superannuation accounts, in an effort to reduce the impact these costs have on people holding multiple low balance accounts.
The main aspect of the Federal Budget were the changes announced to personal income tax bandings and rates albeit that some of these are phased in over a long period. The instant changes are focused on the Energy Assistance payments and the doubling of the low to middle income tax...
Small and medium companies are the main beneficiaries of the changes announced in the Federal Budget.There were no specific measures targeted towards large and multi-national enterprises, the increased ATO funding will result in a continuation of recent integrity activities.
The Australian Taxation Office (ATO) has recently updated the guidance on its website in relation to leave loading and superannuation guarantees. Whilst the changes do not change the ATO’s stated legal position, it provides further clarity in a space that has grown over time.