News : Tax

Administration, Tax

Class offers new automated tax statement service

Class has introduced an automated tax statement system that can create individual or bulk statements for directly held securities.

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Tax

ALP’s trust tax leaves SMSFs hanging

SMSFs have been warned they could be affected by Labor’s proposal to charge a 30 per cent tax rate on discretionary trust distributions to those over 18.

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Retirement, Tax

Govt addresses early retirement payment equality

The federal government has moved to make the tax treatment of redundancies and early retirement payments consistent for all individuals.

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Compliance, Tax

TPB cracks down on SMSF non-lodgers

Over 2700 tax practitioners who are also trustees of their own SMSF have outstanding SMSF annual returns, according to the Tax Practitioners Board (TPB).

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Regulation, Tax

Imputation refund policy to soften

The federal opposition’s proposed imputation dividend refund ban is not as significant an issue as it has been made out to be and is likely to be adjusted before being legislated if Labor wins the next election, according to BlackRock.

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Regulation, Superannuation, Tax

Current imputation refund impost not accounted for

The Financial Services Council (FSC) has criticised the premise the Labor Party has used from a government expenditure perspective to justify its proposed policy of banning imputation credit refunds for certain retirees in its submission to the House of Representatives Standing Committee on Economics inquiry on the matter.

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Property, Superannuation, Tax

Negative gearing change to increase super appeal

The change to the negative gearing rules the Labor Party is likely to introduce should it win power at the next federal election could make superannuation an even more attractive investment vehicle from a tax perspective, a mid-tier accounting firm has predicted.

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Regulation, Retirement, Tax

Franking ban threatens retirement system

Pink Piggy bank money concept on dark blue background

The proposed policy to scrap refundable franking credits undermines the core principles of Australia’s retirement system, a House of Representatives Standing Committee on Economics hearing into the proposal was told yesterday.

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Regulation, Tax

Case for franking ban not strong: IPA

The Institute of Public Accountants (IPA) has reiterated its rejection of an excess franking credits ban as it prepares to appear before a parliamentary committee public hearing on the implications of the proposed policy.

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Regulation, Tax

FSC opposes scrapping of imputation credit refunds

The Financial Services Council (FSC) has called for a moratorium on adverse changes to the superannuation system, including changes to franking credit refunds.

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