POWERED BY MOMENTUM MEDIA
ATO upgrades super functionality
The Tax Commissioner, Chris Jordan, has flagged further changes within the Australian Taxation Office (ATO) designed to make it easier for Australians to access their tax details.
Jordan told a Tax Institute function last week that in the next couple of months the ATO would be releasing new superannuation functionality within its ATO app which would enable people to check their balances and change their personal details electronically.
The Tax Commissioner told the conference that the ATO had made some significant improvements in the area of superannuation, nominating the manner in which SuperSeeker gave individuals the ability to view all their active accounts for the previous two years, and make online requests to claim lost superannuation.
He also noted that improved account matching meant 94 per cent of lost accounts and 70 per cent of unclaimed superannuation accounts were now being matched to a tax file number (TFN).
As well, Jordan said the new Super Tick service had served to validate employer and member information, with the industry having estimated that this had saved them around $50 million each year.
Recommended for you
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
Specific valuation decisions made by the $88 billion fund at the beginning of the pandemic were “not adequate for the deteriorating market conditions”, according to the prudential regulator.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
