Newsletter

SuperSeeker is a secure, convenient service designed to help you keep track of and manage your super. You can use it to see a list of:

• all the super accounts to which you have made a contribution to in the last two financial years (active super accounts);
• all lost super accounts in your name that super funds have reported to the ATO; and
• any super money the ATO holds on your behalf.

The online (https://superseeker.super.ato.gov.au/) and automated phone services are available 24 hours a day, seven days a week. If you do not have access to the internet, you can phone the ATO on 13 28 65, Fast Key Code 1 then 2.

In addition, legislation has been passed that improves the ATO’s administration of the electronic portability form. Once the associated regulations have been created, the new process will simplify rollovers for both individuals and funds. In short, you will be able to request a transfer of money between funds using a simple online form.

The enhancements to SuperSeeker improve the identity verification process, using information supplied by you (the member) to make it more secure for you to see and interact with your super online. You will need to use information from two of the following documents:

• a notice of assessment (NOA) or super account member statement (from any of the last five financial years); and
• bank account details, a PAYG payment summary, a dividends statement or a Centrelink payment summary (from either of the last two financial years).

The new verification process also means that searches of SuperSeeker can no longer be done on behalf of you or for others. You (the member) will need to log in and search the system yourself.

So far this year the Australian Taxation Office (ATO) has received more than 10,000 reports on a wide range of scams including fake job advertisements, emails and bogus phone calls.

"One of the most alarming incidents is that scammers are using fake job advertisements to illegally access people's personal information. Bogus job ads are being posted on recruitment websites by scammers where people are being asked to provide their tax file numbers (TFN) as a part of their job application” said Tax Commissioner Michael D'Ascenzo.

In some cases, people have even been offered the advertised position and then asked to provide their TFN and bank account details prior to the start date of employment and after providing this personal information, the job offer has then been withdrawn. You should not provide a prospective employer with personal details, such as your TFN or bank account details until after you begin work in the position.

ATO investigations have shown that the advertised positions never existed and those running the scams generally communicate by email or mobile phones. Scammers can use personal information to lodge false tax returns in your name, enable the use of your credit cards or even result in people taking out a loan in your name. In some cases, identity crime can take years to resolve.

At this time of year when many people expect refunds, scammers use the opportunity to pretend to be from the ATO. Only certain people and organisations can ask for your TFN, the most common being:

• the ATO, when discussing your tax records;

• your employer, but only after you start work;

• your bank or other financial institutions;

• Centrelink; and

• your superannuation fund.

From 1 July 2012, there will be new reporting requirements to the ATO for business owners that operate in the building and construction industry. Business owners will need to report the total payments they make to each contractor for building and construction services. The details to report will generally be contained in the invoices businesses receive from their contractors.

Businesses need to report if all of the following apply:

• they are in the building and construction industry;
• they make payments to contractors for building and construction services; and
• they have an ABN.

The first Taxable payments annual report is due 21 July 2013 for payments made in the 2012–2013 financial year. In this first year, businesses that lodge their activity statement quarterly, may lodge by 28 July 2013.

Business owners will need to prepare now to ensure they can meet their reporting requirements for the 2012-2013 financial year. You will need to ensure that your systems are prepared to begin capturing this information from 1 July 2012.

You can download and print a blank worksheet that may help you to complete the Taxable payments annual report from www.ato.gov.au/taxablepaymentsreporting. This website provides all the information you need. Appendix 1 provides examples of building and construction services.

INCOME SUPPORT BONUS

The Income Support Bonus commenced on 20 March 2013 and will be paid to recipients of Newstart Allowance, Youth Allowance, Parenting Payment Partnered, Parenting Payment Single, Sickness Allowance, Special Benefit, ABSTUDY Living Allowance, Austudy, Transitional Farm Family Payment and Exceptional Circumstances Payment.

The Income Support Bonus will be paid around late March and late September each year and will be indexed to CPI twice annually, in March and September from September 2013, to ensure payment rates keep pace with inflation.

BABY BONUS CHANGES

The amount of Baby Bonus payment for second and subsequent children who come into a family from 1 July 2013 will be reduced from $5,000 to $3,000. The Baby Bonus will continue to be paid at the rate of $5,000 (13 fortnightly instalments) for a family’s first child, and for each child who comes into the family in a multiple birth, adoption or entrustment to care.

The payment rate for Baby Bonus will be reviewed in June 2015.

FAMILY TAX BENEFIT MAXIMUM RATE TO INCREASE

From 1 July 2013, the maximum rate of Family Tax Benefit Part A will increase by $300 a year for families with one child and by $600 per year for families with two or more children. The base rate of Family Tax Benefit will increase by $100 per year for families with one child and by $200 per year for families with two or more children.