News : Tax

Accounting, Tax

Accountants slam Shorten over deduction ‘rort’ remark

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Two accounting bodies have hit back at Bill Shorten for labelling deductions for managing tax affairs as a ‘rort’ and promising to limit them to $3000.

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Superannuation, Tax

Franking credit policy a saving disincentive

A red and white sign reading wrong way seen over shoulder of a man

Labor’s proposed policy to disallow franking credit refunds to certain retirees will act as a disincentive to save, according to the SMSF Association.

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ATO, Tax

Pushback begins on deduction limit for tax affairs

Efforts by the ATO to limit deductions by SMSF trustees for managing their tax affairs are meeting early resistance and should be overturned, according to a specialist SMSF adviser.

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Superannuation, Tax

Franking credit data set questioned

Small notes with When, What and Question Marks written on them

Data used to project the cost of the removal of franking credit refunds has been questioned with concerns that it failed to include the impact of the transfer balance cap.

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Superannuation, Tax

Franking credits recommendation retains tax balance

Women pushing smiley face on screen to make it green with approval

SuperConcepts has also welcomed a recommendation to retain refundable franking credits claiming it would retain the zero tax rate for those who pay no tax.

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Superannuation, Tax

Franking credit removal is highly discriminatory

The head of boutique investment manager has labelled the removal of franking credit refunds for SMSFs as a highly discriminatory move.

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Superannuation, Tax

Budget contributions measure may cause confusion

An SMSF sector expert has warned compliance breaches may result from confusion over the contribution rules changes included in the 2019 federal budget.

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Superannuation, Tax

Franking credit report suggests policy rethink needed

An alliance of 11 consumer and industry bodies has called on Labor to reconsider its franking credit policy, claiming a recent inquiry has shown it is flawed and unfair.

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Investments, Tax

Franking credit inquiry opposes refund changes

Accountant; SMSF; defrauded

The final report from an inquiry into the removal of franking credits to some individuals has opposed the move, despite being split along party lines.

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Investments, Tax

Labor claims franking credit inquiry not valid

The Labor Party has accused the chair of the franking credit inquiry of breaching parliamentary standards and colluding to influence consumers.

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