News : Tax

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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Cryptocurrency, Tax

Tax treatment of cryptocurrency evolving

The ATO is expected to continue to develop its position on the tax treatment of cryptocurrency as the digital currency gains greater interest from average investors, as well as SMSFs.

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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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