The professional accounting bodies have begun launching initiatives to help support accountants and their clients affected by the ongoing bushfire crisis.

The ATO has renewed its commitment to making sure super is “visible, valued and owned” in 2020, naming consolidation of member accounts and reducing the incidence of SG non-payment as some of its key priorities for the coming year.

Around 350,000 high-net-worth taxpayers with lifestyle assets are set to undergo scrutiny from the ATO after it revealed it would obtain five more years of policy details from insurers.

It might be dry old data but it’s how you’re county’s going and it’s used to make decisions that affect you every day.

New rules mean that insurance coverage will be cancelled on “inactive” superannuation accounts from 1 July 2019, unless the fund member informs the fund in writing that they want to keep the insurance.