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ATO charges super surcharge dates



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Nat 98/44

ΑΤΟ CHANGES SUPER SURCHARGE DATES

Deputy Tax Commissioner Michael Monaghan today announced changes to reporting dates relating to the superannuation surcharge.

“We have already notified superannuation providers that the date for reporting has changed from 31 October 1998. Funds are now required to report by 15 December 1998,” said Mr Monaghan.

“The 15 August 1998 issue date for assessments has also been deferred until 15 October 1998.

“One of the reasons for this is the length of time it takes to trace a member who has transferred between funds.

“We are also continuing to receive Tax File Number (TFN) information and we are anxious to ensure we do not issue assessments unnecessarily to people who have not quoted a TFN. Deferring the issue date will give individuals more time to quote their TFN and give industry more time to implement the new system.

“The Tax Office has consulted with industry about the changed requirements and has agreed on the minimum amount of information to be reported.

“If a transfer occurs after 1 July 1998 the transferring provider is to report certain information to the receiving provider. Previously, the transferring provider was required to report the transfer details to the Commissioner,” said Mr Monaghan.

Mr Monaghan concluded by saying that he was generally pleased by the way industry and the Tax Office had worked together to implement the surcharge legislation.

Details can be obtained on A Fax from Tax on 13 28 60, the Surcharge helpline 1300 651 221 or the Tax Office's Internet site at www.ato.gov.au/super.

CANBERRA 10 July 1998

Contact: Corporate Affairs & Marketing 02 6216 1901 (bh) . 0411 182 433 (m)

Robert Ball ATO Superannuation 02 6216 2469 (bh) 0418 869 183