income tax

Financial planning

Only 6% of Australians are looking to top up their superannuation with their income tax cut money, indicating those that needed to access their super early used it as a w...

Financial planning

Jail time for tax agent

Registered tax agent, Nigel Bradshaw, has been sentenced to a one-year jail term after he was caught stealing refunds from clients....

Financial planning

India tax changes prompt need for advice

A rise in India’s income tax surcharge is likely to spur demand for offshore investments, making tax advice more important for high net worth investors....

Policy & Regulation

ATO targets private company partnerships

The ATO is reviewing private company partnerships that enable individuals to access business profits without paying ‘top-up’ income tax at their marginal rates of tax....

Financial planning

Treasurer thrusts super concessions firmly into tax debate

The Federal Treasurer, Scott Morrison, has placed personal tax rates and super tax concessions squarely on the table for discussion in remodelling tax structures....

Features

Looking through the LRBA window

With the look through tax treatment for LRBAs now in effect, superannuation funds will now be treated as the asset owner for income tax and capital gains purposes, Michae...

Financial planning

Macquarie posts solid half year results

The Macquarie Group has announced a $678 million half year profit with its banking and financial services and managed funds business contributing heavily to the group’s p...

Policy & Regulation

ATO issues Bitcoin guidance

The ATO said Bitcoin transactions should be considered as barter transactions with similar tax outcomes....

Policy & Regulation

Introduce flat tax for low income earners and unemployed.

Income tax should be levied on a flat basis across all income recipients including the unemployed, benefits recipients and low income earners according to KPMG partner Be...

Policy & Regulation

ATO crackdown on property developers’ income

The ATO has warned property developers not to use trusts to give back proceeds from property as capital gains rather than income....

Superannuation

Why income bonds are making a comeback

In the rush to put money in superannuation, other investment vehicles with concessionary tax benefits have been overlooked. Income bonds have become one of the forgotten ...

Policy & Regulation

Government levies could promote tax avoidance: accountant

Some of the Federal Government’s proposed new levies could foster tax avoidance by increasing perceived inequality, an accountant believes. ...

Superannuation

ATO rulings targeting SMSF loans

ATO appears to be targeting inappropriate loans to SMSFs after focusing on those with uncommercial loan terms....

Financial planning

Govt told to stop legislating by press release

Govts of both persuasions told to stop legislating by press release in circumstances where considerable costs and inconvenience are being imposed on employers, advisers a...