From www.accountantsdaily.com.au: The Administrative Review Tribunal ruled in favor of the taxpayer, determining he did not engage in tax evasion regarding amended income tax assessments concerning millions of dollars of UK-sourced income.… read more
From www.themandarin.com.au: The ATO plans to shift from traditional self-assessment tax returns to an “assisted assessment” model, where taxpayers simply confirm their income data already collected by the ATO.… read more
From retirementessentials.com.au: Significant changes to retirement income and superannuation will take effect on 1 July 2025, including increased income and asset thresholds for the Age Pension, an increase in the Super Guarantee rate to 12%, and adjustments to the Transfer Balance Cap.… read more
From theconversation.com: The Albanese government plans to increase the concessional tax rate on superannuation account earnings in the accumulation phase from 15% to 30% for balances over A$3 million, affecting about 80,000 account holders.… read more
From atlaswealth.com: When relocating from Switzerland to Australia, individuals can withdraw their Pillar 2 and Pillar 3a pension funds due to Australia’s non-EU status.
Strategic timing around the deregistration with the Swiss canton can minimise tax implications, as withdrawing funds after deregistration is generally subject to lower withholding tax rates.… read more
From www.accountantsdaily.com.au: Experts advise the SMSF sector to avoid making significant changes until the final Division 296 tax legislation is passed, following the recent election where the Labor government retained power.… read more
From sladen.com.au: The proposed Division 296 tax, which would impose an additional 15% tax on superannuation balances exceeding $3 million, is expected to commence on July 1, 2025, despite calls for deferral.… read more
From www.ibtimes.co.uk: [UK context] Qatar is attracting a growing number of Britons, with nearly 20,000 now living there, drawn by the appeal of tax-free salaries, affordable living costs, and strong healthcare.… read more
From colemangreig.com.au: Moving overseas may have significant tax implications for Australian assets, as individuals may become non-residents for tax purposes.
Upon leaving, individuals are deemed to have disposed of certain capital gains tax (CGT) assets, and non-residents may miss out on CGT discounts and exemptions for primary residences under specific conditions.… read more
From hcamag.com: The Fair Work Commission examined a dispute over employment status and determined that an individual was an independent contractor rather than an employee.… read more
From smsmagazine.com.au: Division 296 tax is expected to become law, impacting superannuation balances over $3 million starting 1 July 2025.
The timing and implementation remain uncertain, requiring superannuants to stay informed and potentially adjust their strategies.… read more
From www.lowelippmann.com.au: Lowe Lippmann Chartered Accountants provides essential tax management tips for small business owners, including keeping accurate records, setting aside GST, and planning for BAS submissions.… read more
From atlaswealth.com: Six essential questions for Australians planning to move overseas include considerations about property investment strategies, share investments, the ability of current advisers to assist, tax implications in the new country, confirming non-resident tax status, and the effectiveness of estate planning.… read more
From www.bantacs.com.au: Property investors should be aware of year-end tax strategies, particularly regarding deductions for general expenses and property repairs.
It’s essential to distinguish between repairs, which are deductible if incurred before the financial year ends, and improvements that are not.… read more
From www.bantacs.com.au: Investment property sales usually involve careful superannuation planning due to potential capital gains tax liabilities.
Taxpayers can make concessional contributions to superannuation to mitigate these gains, but must be aware of contribution caps, age restrictions, and timing related to property contracts.… read more