Labor would give employees a right to chase their own super and increase ‘fines’ for under-reporting to the ATO

Tax Month - December 2018

Key News Summary – on 16.12.18, the Shadow Treasurer announced that a Labor government would change the laws to give employees a legal right to collect their own superannuation and the Commonwealth the right to impose fines of 10% and 300% of un/under paid superannuation contributions, if there are misleading statements or under-reporting to the…

Redundancy and early retirement scheme payments – Change to extend the current 65 age cap to match Age Pension eligibility

Tax Month - December 2018

Key News Summary – the Treasurer announced an extension of the age, up to which an individual can get the tax-free portion of ‘genuine redundancy payments’ and ‘early retirement scheme’ payments. The age will be extended to match the increasing age threshold for the Age Pension.   On 15.12.18, the Treasurer announced a change to…