The ATO has advised that around 200,000 co-contribution payments (out of a potential 1.3 million) will not be made in the 2008-2009 financial year due to problems with ATO systems.
This may lead to an increase in enquiries from your clients when they receive their annual statements and cannot see their co-contribution payment.
The ATO has placed information about the delay on its website.
It is important to note that the ATO will be paying interest on the delayed payments at a rate set by the Reserve bank (currently 3.16%).
Also, clients suffering hardship as a result of these delayed payments can contact the ATO on 1300 139 027 to discuss their circumstances.
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Contents
Newsflash: Adviser Alert: Minimum Pension Payments
Newsflash: One day to go – get all concessional contributions in before the deadline
Newsflash: ATO co-contributions systems failure
Technical Strategy: Pension Drawdown Relief – Adviser Opportunities
Technical Strategy: Hidden and carried forward salary sacrifice contributions
Technical Strategy: Super Threshold Changes for 2009/10
Product Spotlight: IOOF Supplementary Product Disclosure Statements post Federal Budget 2009
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