FROM 11,500 recent audits for superannuation compliance, the ATO has found that $124 million of super funds remain unpaid.
The ATO has subsequently imposed $7.44 million in penalties, and the Institute of Chartered Accountants in Australia has thought it timely to produce a list of super tax tips.
Are your systems ready to do this or will they be ready by October 28 2003 (first quarter payment date)?
Tax tips for individuals
To encourage people to save using superannuation, the Government has offered numerous ways to take advantage of superannuation.
Individuals should be aware that for each of the tips below, there are detailed eligibility requirements and advice from a chartered accountant should be sought.
© Business News 2018. You may share content using the tools provided but do not copy and redistribute.