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Showing 1 - 10 of 19 results for "Income Tax Assessment Act"

Super advice fee deductions compound red tape: JAWG

KARREN VERGARA  |  MONDAY, 8 APR 2024
... 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," ...

FAAA calls on ATO to provide clarity over advice fees

ELIZA BAVIN  |  THURSDAY, 14 MAR 2024
... 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 of deductibility ...

Fee consent forms, FDS overhaul concerns FAAA

KARREN VERGARA  |  MONDAY, 18 DEC 2023
... adding the deductibility of financial advice fees as tax-related expenses under section 25-5 of the Income Tax Assessment Act 1997. "This revised guidance is sensible and welcome. The existing Tax Determination is almost 30 years old, and a substantial ...

Consultation opens on NALI reforms

ANDREW MCKEAN  |  TUESDAY, 20 JUN 2023
... seeks to refine the NALI provisions announced in the 2023-24 Budget. The bill contains amendments to the Income Tax Assessment Act 1997 which limits the application of the non-arm's length expense (NALE) rules to SMSFs and SAFs. Under the current law ...

Another round of consultation for veteran super taxation

JAMIE WILLIAMSON  |  TUESDAY, 9 MAY 2023
... benefits. The government said this finding is at odds with the original intent of the policy under the Income Tax Assessment Act 1997 and could lead to adverse outcomes for certain veterans. While the legislation was introduced, it is yet to pass. Now ...

The case for tax deductible advice

JAMIE WILLIAMSON  |  MONDAY, 3 JUN 2019
... treated as such and upfront advice fees should receive tax-deductible status. At present, under the Income Tax Assessment Act 1997, fees for drawing up financial plans - such as initial advice fees - are not deductible for income tax purposes as the ...

SMSF members want overseas restrictions lifted

DARREN SNYDER  |  TUESDAY, 16 JAN 2018
... to lift these restrictions. Currently the definition of an Australian superannuation fund under the Income Tax Assessment Act means SMSF members who continue contributing to their fund while overseas face penalties as well as having it taxed as a non-complying ...

FPA pushes tax deductible incentives

KARREN VERGARA  |  TUESDAY, 28 MAR 2017
... the preparation of an initial financial plan are not tax deductible, according to section 8.1 of the Income Tax Assessment Act 1997, which "acts as a disincentive for people to take the first step towards organising their finances on a strategic basis" ...

American IRAs not super funds

DARREN SNYDER  |  MONDAY, 20 JUL 2015
... means any payment from an IRA will have no special tax treatment in Australia under Division 305 of the Income Tax Assessment Act 1997. Hallinan said if an IRA payment was made to an Australian superannuation fund by the member it will be treated as ...

Treasury proposes tax relief for merging super funds

JAMES FERNYHOUGH  |  FRIDAY, 26 SEP 2014
... over to another fund as part of a merger between funds." The paper proposes a number of changes to the Income Tax Assessment Act 1997, including a definition of an 'involuntary roll-over superannuation benefit'. The proposed changes would apply form ...
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