SuperStream is coming..are you ready?
SuperStream for Employers
SuperStream is a new process requiring employers to pay their employees’ superannuation contributions using the government’s new data standards.
From 1 July 2015, employers with 20 or more employees will be required to comply with the following:
- The payment must be made electronically to the nominated superfund; and
- Details of the payment transaction, such as the employee’s name, Tax File Number and superannuation fund member number are also sent to the superfund.
Employers with 19 or less employees have until 1 July 2016 to comply.
Two new major tax integrity measures announced today
The Treasurer, Joe Hockey, announced yesterday (11 May 2015) two "new major tax integrity measures" to be included in tonight's Federal Budget.
Taxpayers receive hoax emails purporting to be from the ATO
Some taxpayers have recently received fraudulent or hoax emails purporting to be from the Australian Taxation Office ("ATO").
The various variations of these phishing emails often share a number of the following characteristics;
• The email requests personal information by:
- requesting that the taxpayer completes a form requiring personal information; or
- requesting that the taxpayer verifies their identify by emailing photographs or copies of their personal identification documents.
Discussion Paper on Tax Regime Overhaul Released
Australian Treasurer Joe Hockey has published Re:think, a discussion paper that marks the launch of the long-awaited Tax White Paper process.
The discussion paper begins a formal government process for considering future directions for Australia's tax system. The paper provides information about the challenges the system faces, identifies potential opportunities for reform and points to some of the "trade-offs" that would need to be considered. The Government is seeking feedback on whether the current tax system can be refined or whether it requires more fundamental change, and where fairness can be improved. The discussion paper asks how important it is to reform taxes to boost economic growth, and to what extent reducing complexity should be a priority.
NZ Launches Tax Modernization Program
New Zealand's Revenue Minister, Todd McClay released two documents on 31 March 2015 setting out the nation's plans to modernize and simplify the tax system. The first document, Making Tax Simpler – a Government green paper on tax administration, aims to inform New Zealand taxpayers of the proposed initiatives and seeks feedback on the options. The second document, Better Digital Services, outlines proposals to expand the tax authority's use of online systems that would enable faster, more accurate, more convenient interactions with the Inland Revenue Department (IRD).