From atlaswealth.com: The pension refresh strategy allows Australian retirees to enhance their superannuation by converting an existing pension into the accumulation phase and starting a new pension with additional contributions.… read more
From www.claytonutz.com: The Federal Court of Australia ruled in Baya Casal v Deputy Commissioner of Taxation that an employee’s termination due to a significant reduction in working hours and remuneration, despite similar duties, constitutes a genuine redundancy under the Income Tax Assessment Act 1997 (ITAA 1997).… read more
From moneymag.com.au: Australian homeowners are increasingly interested in green loans to finance energy-efficient home renovations, supported by government incentives and specialised loan options.
Various lenders offer these loans at lower interest rates, aiming to improve home energy performance and reduce costs.… read more
From www.accountantsdaily.com.au: (Podcast) Discussion of tax depreciation related to investment properties.
The conversation covers the role of quantity surveyors in maximizing tax savings, the differences in depreciation for new versus old and residential versus commercial properties, and the impact of renovations on depreciation claims.… read more
From publicaccountant.com.au: Labor proposes a permanent reduction in the lowest marginal tax rate, dropping it to 15% in 2026 and 14% in 2027, along with a new $1,000 standard deduction for work expenses.… read more
From www.accountantsdaily.com.au: The Commissioner of Taxation has filed an appeal in the Federal Court against a recent Administrative Review Tribunal decision that allowed a truck driver to claim $32,782.50 in meal expense deductions for the 2021 income year.… read more
From www.accountantsdaily.com.au: The ATO will increase the fixed rate for calculating working from home expenses to 70 cents per hour starting from 1 July 2024.,… read more
From thenewdaily.com.au: The bring-forward rule allows individuals to maximise their non-concessional super contributions by making up to $360,000 in one year, with tax implications to consider for inheritance planning.… read more
From www.bantacs.com.au: Death triggers various tax implications that can significantly impact an estate, even in the absence of a formal death tax.
Key issues include a 17% tax on superannuation paid to non-spouse beneficiaries and the loss of main residence exemption for properties owned while living overseas.… read more
From www.bantacs.com.au: A long-distance truck driver faced an ATO audit that denied him deductions for meal expenses while he was away from home for 310 days, despite having a travel allowance and logbook records.… read more
From www.abc.net.au: Peter Dutton proposes indexing personal income tax to combat “bracket creep,” which increases tax burdens on individuals as their incomes rise with inflation.… read more
From www.ifa.com.au: The proposed $3 million super tax by the Labor government has triggered significant pushback, yet both major political parties continue to propose policies that could undermine the tax system.… read more
From retirementessentials.com.au: Deeming is a method used by Centrelink to assess income for the Age Pension by applying standard rates to financial assets, regardless of actual income earned from those assets.… read more
From www.rsm.global: A recent survey revealed that Australians are nearly evenly divided on the Federal Government’s adjustments to income tax rates and thresholds, with 27.4% opposed and 24.8% supportive.… read more
From financialnewswire.com.au: The ATO has faced criticism for incorrect data matching regarding rental income, leading to letters sent to individuals who do not own rental properties, suggesting they failed to declare income.… read more