Super news for July 2020

ATO clamping down on false claims

The Australian Taxation Office (ATO) is zeroing in on people trying to take advantage of the government’s coronavirus stimulus package, including early release of superannuation, JobKeeper, and boosting cash flow for employers.

ATO Deputy Commissioner Will Day said that with so many Australians impacted by COVID-19, the ATO’s priority is to ensure payments get to those who need them. “We also have an important role to ensure the integrity of the stimulus measures and when we uncover fraud or people seeking to exploit them, we’ll take action, as we know the community would expect us to,” Mr Day said.

Mr Day also warned the ATO is on the look-out for those seeking to exploit the scheme to minimise their tax bill. “We’ve received intelligence about a number of dodgy schemes, including the withdrawal of money from superannuation and re-contributing it to get a tax deduction,” he said, adding that severe penalties can be applied to tax avoidance schemes or those found to be breaking the law. Penalties for fraud can include fines, prosecution and even imprisonment for the most serious cases.

A confidential tip-off phone line has been established to allow members of the community to tell the ATO if they are concerned someone may be doing the wrong thing. Call 1800 060 062 or complete a tip-off form online at ato.gov.au/tipoff.

AFCA’s 80,000 complaints

More than 80,000 complaints were made by Australians over disputes with their bank, insurer, super fund or financial firm in the past financial year – a 13.7% increase from last year.

The Australian Financial Complaints Authority (AFCA) resolved 78% of the complaints, securing $258.6 million in compensation and refunds for consumers.