New Superannuation Guarantee Bill introduced into Parliament (Cth)

The Treasury Legislation Amendment (Repeal Day 2015) Bill 2015 has been introduced to Parliament, which proposes to:

  • simplify the superannuation guarantee (SG) charge by aligning the earnings base for calculating the SG charge with the earnings base for calculating SG contributions, aligning the interest component on any SG shortfall with the period over which the contributions are outstanding, and replace the SG charge penalty with the administrative penalty applied under the Taxation Administration Act 1953 (effective from 1 July 2016), and
  • enable the Commissioner of Taxation to pay certain superannuation amounts directly to individuals with a terminal medical condition and remove the requirement for superannuation funds to lodge a separate biannual lost members statement (effective from 1 July 2016).

Review of the Australian Taxation Office's (ATO) Employer Obligations audit program

The Inspector-General of Taxation has released the Terms of Reference for the review into the ATO's Employer Obligations audit program (including obligations for employers in respect of superannuation, PAYG withholding, FBT and contractors). Stakeholder submissions are currently being sought from taxpayers in relation to their experiences with ATO Employer Obligations audits, including any concerns with the current audit program approach.

Submissions will be treated as confidential and are due by 11 December 2015.

Jobs Action Plan Payroll Tax Rebate Scheme - New Revenue Ruling (NSW)

The NSW Office of State Revenue (OSR) has issued a new Revenue Ruling, JAP 002, clarifying a number of issues arising from the release of their earlier JAP 001 ruling. Under JAP 002, an extension for the registration of a new job is given to taxpayers, provided a submission was lodged with the OSR containing all of the information required by 22 November 2015. The extended due date for the resulting/related manual entry of new jobs into the OSR's online portal is 18 December 2015.

NSW OSR phasing out refunds via cheque The NSW OSR

has announced that, from January 2016, refunds will no longer be issued by cheque. Instead, all taxpayers will need to provide details of your nominated bank account to allow refunds to be paid by electronic funds transfer.

Meal Entertainment changes Awaiting Royal Assent

The Bill introducing a cap of $5000 for salary packaged entertainment has been passed and it's awaiting Royal Assent.