superchoice_obligations

Other notications in addition to actioning complaints

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Unformatted text preview: nd, or employee. Non-compliance with other tax obligations Employers who are non-compliant with other employer obligations, such as income tax, PAYG withholding and the goods and services tax, are considered more likely not to meet their superannuation guarantee obligations and therefore more likely to be selected for review. Other notifications In addition to actioning complaints from employees, the Tax Office will follow up all instances where other members of the community advise that an employer is not meeting their choice of superannuation fund or superannuation guarantee obligations. ■ did not act on their choice within two months. High-risk industries – including cash-economy industries The Tax Office is aware that employers in certain high-risk industries, including cash-economy industries, are less likely to make superannuation guarantee contributions. It will target employers in these industries to ensure choice of superannuation fund and superannuation guarantee obligations are met. Areas considered to be high risk vary. For the latest information on risks the Tax Office is targeting, refer to its annual compliance program at www.ato.gov.au SUPERANNUATION FUNDS AND TRUSTEES The Tax Office, ASIC, APRA and the Superannuation Complaints Tribunal work together to conduct investigations, collect information from the public on noncompliance and deal with problems. APRA looks at a number of areas during a prudential review of a superannuation fund, including some operational matters relevant to choice of superannuation fund: Data matching anomalies ■ eligibility requirements for members to join the fund The Tax Office is increasing the use of data matching in its ■ operational processes to determine if employers are selection of audit projects. It reviews income tax, pay as providing complete contribution details to the fund you go (PAYG) withholding, superannuation fund reports ■ procedures for following up member complaints about and other data to identify potential non-compliance by contributions that have not been made or are late, employers. and Employers are likely to be selected for audit, for example, where the Tax Office identi...
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This note was uploaded on 03/25/2014 for the course FOBE 302 taught by Professor X during the One '13 term at Macquarie.

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