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Showing 1 - 10 of 284 results for "Income Tax"

Super advice fee deductions compound red tape: JAWG

KARREN VERGARA  |  MONDAY, 8 APR 2024
... for certain insurance commissions. "This schedule also amends the Superannuation Industry (Supervision) Act 1993 and Income Tax Assessment Act 1997 to provide a clear legal basis for the payment of advice fees from superannuation and associated tax consequences," ...

Treasury releases draft legislation for new $3m super tax

ELIZA BAVIN  |  TUESDAY, 19 MAR 2024
... in the Australian taxation system. A policy that is counter to the broader policies and operation of the Australian income tax system."

FAAA calls on ATO to provide clarity over advice fees

ELIZA BAVIN  |  THURSDAY, 14 MAR 2024
... last year, outlined that upfront fees are deductible to the extent they relate to tax advice under section 25-5 of the Income Tax Assessment Act 2007 (ITAA). However, the FAAA and the accounting bodies are aligned in pushing for further clarification ...

'About bloody time': Industry responds to PPL super reform

JAMIE WILLIAMSON  |  THURSDAY, 7 MAR 2024
... "Firstly, that they increase the maximum income eligibility for LISTO from $37,000 per annum to the top of the second income tax threshold, currently $45,000 per annum," Blakey said. "And secondly, aligning the amount of the offset to the Super Guarantee ...

Long-term cost of super early release to be $85bn: SMC

CHLOE WALKER  |  FRIDAY, 1 MAR 2024
Australian taxpayers may face an $85 billion bill due to the COVID-era Early Release of Super scheme, according to a new analysis by the Super Members Council (SMC). Using the Superannuation, Pensions, and other Retirement OUTcomes (SPROUT) model, the ...

Stage 3 tax cuts pass Senate

JAMIE WILLIAMSON  |  WEDNESDAY, 28 FEB 2024
... cut of about $1504, the government said. Previously, they would have saved around $700. "The changes to the personal income tax system will have a net cost of $1.3 billion over the forward estimates. The total impact of these tax cuts is expected to ...

Treasury details winners from tax concessions on super contributions

ANDREW MCKEAN  |  THURSDAY, 1 FEB 2024
... in the concessional taxation of superannuation earnings, where individuals with larger balances and higher personal income tax rates enjoyed disproportionate benefits. This was most evident among men and older Australians, notably those aged 55 to 69 ...

Treasury unveils Stage 3 tax cuts changes

KARREN VERGARA  |  MONDAY, 29 JAN 2024
The federal government has officially released amendments to Stage 3 income tax cuts, saying that cost-of-living pressures has forced it to do so. Among the changes, Treasury is proposing to reduce the 19% tax rate to 16% and increase the threshold ...

Albanese set to overhaul Stage 3 tax cuts

KARREN VERGARA  |  WEDNESDAY, 24 JAN 2024
Prime Minister Anthony Albanese will amend the Stage 3 income tax cuts package, flagging that everyone is set to benefit from the changes. Albanese told radio station 2GB that all taxpayers will receive a tax cut. However, those earning over $180,000 ...

Fee consent forms, FDS overhaul concerns FAAA

KARREN VERGARA  |  MONDAY, 18 DEC 2023
... Office recently clarified rules on deductibility of financial advice fees under new draft determination TD 2023/D4 Income tax: deductions for financial advice fees paid by individuals who are not carrying on a business. The ATO proposed adding the deductibility ...
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