Tag: Tax

Super Fund Satisfaction Declines

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Leading market research firm, Roy Morgan, has released its Superannuation Satisfaction report that indicates a decline in overall satisfaction with the super fund in February 2023. The results are based on findings from in-depth interviews with over 60,000 Australians. Satisfaction with super funds was found to have dipped by 5.4%…

Government Doubles Tax On Super Balances Over $3M

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Treasurer Dr, Jim Chalmers has said that the labour government will be doubling the tax rate applied on the future earnings for superannuation balances over $3 million as of 2025-26. Currently, this concessional rate stands at 15% but will increase to 30% in a couple of years. It is estimated…

ATO to Resume Recovery of Debts on Hold

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The Australian Tax Office (ATO) has informed tax professionals that their clients will begin receiving notification letters on any outstanding aged debt beginning May 2022. Aged debt, or debts on hold, are uneconomic non-pursued debts that are not visible on the balance of taxpayers’ accounts as they have been classified…

IPA Criticizes ATO On New 100A Guidelines

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The Australian Tax Office (ATO) released draft documents concerning the tax treatment of trusts. These guidelines provide recommendations as to how section 100A under the Income Tax Assessment Act of 1936 should be applied in regards to trust stripping arrangements. A key focus of the documents is where distributions are…

Directors Targeted In ATO Debt Collection Drive

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Seen as a sign that the government is now ending its soft approach to tax debt since the pandemic started, the Australian Tax Office (ATO) announced earlier this year that they would be contacting company directors via letter concerning their potential liability for company tax debts. Since then, over 50,000…

Generation Locked Out Of Housing Market

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Last year when the Covid-19 pandemic first hit, Australia locked its international borders to protect its citizens. The economy has since suffered, and the housing sector worsened. Population growth typically leads to an increase in house prices, but now we have seen that even though there has been little to…
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ATO Highlights Need to Report Gig Economy Incomes

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The Australian Tax Office (ATO) has noted a growing number of people have taken up side hustles during the pandemic. This has led to a growing number earning extra income that often goes undeclared at tax time. Amongst the highlighted online gig and share economy platforms that people are using…

Don’t Forget About Your Investments During Tax Time

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Many Australians are forgetting to consider their investments when it comes to tax time. You risk having your tax refund delayed or having to pay more than expected if you forget to report your investment gains. Despite the financial challenges brought on by the Covid-19 pandemic, investment in exchange-traded funds…

Aging Population A Worry For Taxpayers

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Aging population occurs in Australia when there is a decline in mortality rates, and high life expectancy, coupled with lower fertility rates. Because of the Covid-19 pandemic, there is concern that Australia’s tax system will not be able to support aging citizens with its smaller population. This is something that…