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Showing 1 - 10 of 289 results for "Income Tax"

RBA hints another rate rise could be on the cards

ELIZA BAVIN  |  WEDNESDAY, 22 MAY 2024
... is a risk to the policy outlook, particularly in context of the circuit breakers arriving 1 July 2024 in the form of income tax cuts, energy rebates and other measures." The minutes also pointed to slow productivity growth, inflation expectations and ...

Industry reacts to Federal Budget

ELIZA BAVIN  |  WEDNESDAY, 15 MAY 2024
... economist Cassandra Winzar said. "The Albanese government's second surplus, while welcome, has again been driven by higher income tax takes and strong commodity prices. These are all temporary windfalls and are unlikely to persist as the economy slows. ...

Budget 2024: Cost of living relief takes centre stage

ELIZA BAVIN  |  TUESDAY, 14 MAY 2024
Support will be boosted for Australians facing acute and urgent financial pressures with $138 million to meet sustained high demand for crisis support including emergency relief, food relief and financial support services. Treasurer Jim Chalmers announced ...

ATO introduces trust taxation changes

ELIZA BAVIN  |  WEDNESDAY, 8 MAY 2024
The Australian Taxation Office (ATO) has announced income tax reporting changes under the Modernisation of Trust Administration Systems (MTAS) that will come into effect on July 1. For beneficiaries of a trust, there will be a new trust income schedule ...

ATO flags key focus areas this tax time

ELIZA BAVIN  |  MONDAY, 6 MAY 2024
... properties continue to remain in the ATO's sights. ATO data found nine out of 10 rental property owners were getting their income tax returns wrong. "We often see landlords making mistakes when it comes to repairs and maintenance deductions on rental ...

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 ...
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