The Australian Taxation Office (ATO) has signalled that self-managed superannuation funds will not be the only focus for compliance attention in 2005-06, and that it will be maintaining its watch on employers with respect to superannuation guarantee payments.
The Commissioner for Taxation, Michael Carmody, made clear that superannuation would be a focal issue in the administration of the ATO compliance program this financial year.
“As well as responding to employee complaints, we are conducting industry-based audits in high-risk industries to check on employer compliance with superannuation guarantee and reasonable benefit limit reporting, as well as choice of superannuation fund obligations,” he said.
And while the superannuation surcharge may have been abolished, Carmody is making no bones about the fact that the ATO will be ensuring that no one escapes their obligations to the now-defunct regime.
“To ensure that all individuals meet their superannuation surcharge obligations, this year we expect to enforce lodgement of 9,500 income tax returns by high-income earners who have not lodged,” he said.
Carmody said that while the Government had announced the abolition of the surcharge meaning that it would not be payable this financial year, “we will collect any surcharge owing from 2004—05 and previous financial years”.
“Where members have not quoted a TFN to their superannuation fund and we suspect their income exceeds the surcharge threshold, we write and ask for their TFN,” he said. “ This enables us to check whether an income tax return has been lodged and if any surcharge is payable.
“If an individual chooses not to quote their TFN, the surcharge may be assessed at the maximum surcharge rate on their contributions. We expect to write to 13,000 individuals this year,” Carmody said.
