Australian Taxation Office
The ATO has provided notice in the gazette regarding a new data matching program in which it will request and collect online selling data relating to registrants that sold goods and services of a total value of $10,000 or more for the period 1 July 2013 to 30 June 2014. These records will be electronically matched with other data to identify non-compliance with registration, lodgment, reporting and payment obligations under taxation laws.
Labor's superannuation policy
The Australian Labor Party has this morning released its superannuation policy which includes the following measures:
- removal of the tax exemption on fund earnings during the pension phase for earnings over $75,000 (earnings above this amount would instead be taxed at 15%) and
- lower the threshold for the 15% additional tax on superannuation contributions of very high income earners from $300,000 to $250,000.