Budget extends ATO spotlight on tax and super crimes
The Government has announced funding for the Australian Taxation Office (ATO) to target serious and organised crime in the tax and superannuation systems.
The Budget papers revealed that the Government will provide $15.1 million to the ATO to pursue the measure, extending on funding provided in 2017-18 extending the program for another two years until 30 June, 2023.
“This measure is estimated to increase the underlying cash balance by $18.9 million including an increase in GST payments to the States and Territories of $3.8 million over the forward estimates period,” the Budget papers said.
“In fiscal balance terms this measure is estimated to have a gain to the budget of $136.8 million over the forward estimates period.”
Recommended for you
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
