News : Tax

ATO, Tax

ATO needs governance shake-up

The ATO is a monopoly service provider by necessity, but there are governance issues including too much power focused on one individual, according to taxation watchdog the Inspector-General of Taxation.

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Regulation, Tax

Imputation credit policy reversal not guaranteed

Individuals concerned about the Labor Party’s proposed banning of franking credit refunds in certain circumstances should not expect a future coalition government to repeal the policy should it become law, a representative for senior Australians has advised.

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Accounting, Superannuation, Tax

Tax-effective accounting needed for TSB

SMSF practitioners must consider implementing tax-effective accounting when preparing annual accounts for an SMSF as this can determine a member’s total super balance (TSB), a technical expert has said.

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Insurance, Tax

Death benefit rollover tax anomaly amended

The federal government has announced it will be amending a legislative irregularity currently enabling death benefits that include life insurance proceeds and are rolled over into an alternative superannuation fund to be taxed.

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Financial Planning, Tax

Number of tax advisers increases

The Tax Practitioners Board (TPB) has revealed the registered tax practitioner population and public searches for registered tax agents are on the rise.

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