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Showing 1 - 10 of 24 results for "Income Tax Assessment Act"

Foreign resident CGT rules up for consultation

KARREN VERGARA | MONDAY, 13 APR 2026

... definition of Taxable Australian Real Property (TARP) and introduces a definition of real property into the Income Tax Assessment Act 1997 that forms part of the definition of TARP. The government currently broadly puts taxable Australian property into ...

Treasury opens Div 296 tax regulation consultation

KARREN VERGARA | WEDNESDAY, 18 MAR 2026

... March 10, Treasury is nutting out how the tax will be calculated and implemented. This also affects the Income Tax Assessment Act 1997, which imposes new taxes under Division 296. The consultation covers how super funds will attribute fund earnings to ...

Treasury seeks feedback on major super tax reform

KARREN VERGARA | FRIDAY, 19 DEC 2025

... Treasury Laws Amendment (Better Targeted Superannuation Concessions) Bill 2025 - proposes to amend the Income Tax Assessment Act 1997, Income Tax (Transitional Provisions) Act 1997, and the Taxation Administration Act 1953 - to introduce a new Division ...

$3m super tax will level playing field: Australia Institute

KARREN VERGARA | TUESDAY, 21 JAN 2025

... through but fell through the cracks. If passed, it will be included under the new Division 296 of the Income Tax Assessment Act 1997, effectively doubling the tax on members' earnings above $3 million from 15% to 30%. The bill's future now rests ...

Perpetual-KKR deal hits tax bill snag

KARREN VERGARA | TUESDAY, 10 DEC 2024

... that the provisions should not apply." The ATO told Perpetual that it will impose section 45B of the Income Tax Assessment Act of 1936 to the transaction. To dispute the ATO's position, Perpetual said it "would need to withhold sufficient funds to ...

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 ...

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BT appoints new head of strategy

KARREN VERGARA

A former Allianz Retire+ executive has joined BT as the new head of strategy.

ASX sees trade volumes soar in May

MATTHEW WAI

ASX saw a substantial growth in trade volumes last month, despite continued lackluster movement in IPOs.

Otivo launches AI-powered financial advice

MATTHEW WAI

Otivo has launched a mobile app for Australians to access licensed advice powered by AI.

Munro expands access to climate focused fund

VINNY VUCAGO

The Munro Global Growth Climate Leaders PIE Fund has been opened to retail investors in New Zealand.

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