Following from last month’s newsletter article we have obtained further information in relation to aspects of the superannuation changes that will come into effect from 1 July 2017. These clarification points relate to the government’s legislated CGT transition relief provisions for those coming out of pension phase due to these changes. We believe the transitional relief is even more complex than they could have been, however there will be some advantages for funds under these rules.
We are now in the process of meeting self managed super fund clients that require advice in relation to these changes. We will be in contact with those affected clients very soon to organize a meeting prior to 30 June 2017.
If you have questions or require immediate assistance , please do not hesitate to contact Matthew Grapsas, Cathy Walley or myself on 5221 6111.
Legislation was introduced in September 2016 which will have another change in payroll requirements for those employers who employ 20 or more individuals (not FTE’s). The aim of the legislation is reducing administration requirements and automated reporting to the ATO. The requirements apply from 1 July 2018 and the test of whether you are affected or not will take place on 1 April 2018. It is anticipated that these requirements will be rolled out to smaller businesses once the large business reporting is bedded down.
The real affect of this requirements is the ATO will have access to real time data from large employers through their payroll systems. Employers will need to make sure their payroll systems are up to date to ensure these requirements will be met post 1 July 2018. This may also mean an increase in questions and ultimately audit activity by the ATO in relation to PAYG withholding and Super Guarantee obligations.
If you require further information, please do not hesitate to contact us.
The principals and staff would like to wish all our clients a very Merry Christmas and a Happy New Year. Our offices will close at 12.00 noon on Friday 23rd December and re-open on Tuesday 3rd January 2017. Please note that some principals and staff are taking extra time off in January.
We will also have an exciting announcement early next year for everyone as well.