Evans Accounting Blogs

ATO changes to reporting employee superannuation through small business clearing house

In 2011 it became compulsory for all employers to be SuperStream compliant.  SuperStream is the way businesses must pay employee superannuation guarantee contributions to superannuation funds. With SuperStream, money and data are sent electronically. To be SuperStream compliant meant that employers needed to register with a small business superannuation clearing house (SBSCH) to make all...

ATO Fringe Benefits Tax (FBT)

Attack on Motor Vehicles

ATO Fringe Benefits Tax (FBT)
Where a motor vehicle owned or leased by the business is used by an employee for private purposes (including travelling between home and the workplace), then FBT is an issue that needs to be managed. The ATO is conducting a data matching program that is aimed at motor vehicles to try and capture benefits that are not currently being reported through the FBT system. The background to this...

Boats, planes, cars, horses...

Data matching to uncover wealth

Boats, planes, cars, horses...
In the old days, tax officials could be seen “data matching” by driving around the ‘burbs looking for signs of opulence that didn’t match your income. Now, with everything that needs to be known available digitally, data matching can uncover income that doesn’t seem to match lifestyle in a fast and effective manner. The ATO it is now working with insurance providers to identify...

Death benefit nominations for your SMSF

Death benefit nominations for your SMSF
Any bank debts or creditors that you leave behind when you pass on cannot access your superannuation with this death benefit nomination in place.  We have a few spouses that have benefitted by receiving the full superannuation of their deceased partner when creditors have been hovering for non-payment of debts.  These extra monies have obviously been of great benefit for their future...

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