SPAA takes aim at $2000 cap on self-education

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The Federal Government’s decision to cap tax deductions for self-education at $2000 flies in the face of its stated aim to improve professionalism across the financial services sector. The SMSF Professionals’ Association of Australia (SPAA), which has been at the forefront of lifting professional standards across the SMSF sector over the past decade, says this […]

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Pension changes a positive for SMSF trustees

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Changes to how non-reversionary pensions are treated when a pensioner dies will have far-reaching tax implications for self managed super funds. SMSF Professionals’ Association of Australia (SPAA) Director, Technical and Professional Standards, Graeme Colley, says the changes to the super law to allow the tax exemption to continue on the income from investments after the death of a […]

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High income families could be in for $1000+ rebate shock at tax time

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As the financial year during draws to a close, financial research group CANSTAR warns that some high income families could be in for a nasty tax bill if they have not manually reduced the private health insurance tax offset that they are claiming.  “This is the first financial year in which the Government’s private health […]

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Warren Buffett knows that tax rates matter

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There are important questions we need to answer about taxes. How progressive or regressive? How should rates vary on different  forms of income? How much of fixing our fiscal problems should come from raising revenue versus cutting spending? I have my  opinions and you are entitled to yours. But some basic truths, old fashioned as […]

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Time running out to lodge tax

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Do your clients prepare their own tax return? If so, they only have a week until the 31 October lodgment deadline. “I urge anyone worried about not meeting the deadline to call 13 28 61 as soon as possible, to discuss their situation,” said Tax Commissioner Michael D’Ascenzo. “It is important to lodge before 31 October […]

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ATO: take care what you declare!

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So far this tax time the ATO has already stopped 58,000 income tax returns containing suspected over claimed or fraudulent refunds. “Each year our ability to match data gets better, making it more likely people will be identified if they leave anything out or incorrectly report items on their tax return,” said Tax Commissioner Michael […]

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Scammers target job seekers

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So far this year the Australian Taxation Office has received more than 10,000 reports on a wide range of scams including fake job advertisements, emails and bogus phone calls. “One of the most alarming incidents is that scammers are using fake job advertisements to illegally access people’s personal information,” said Tax Commissioner Michael D’Ascenzo. “Bogus […]

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SPAA highlights SMSF tax deduction error

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The SMSF Professionals’ Association of Australia (SPAA) believes many SMSFs may be under-claiming valuable tax deductions. SPAA Technical Director Peter Burgess says discussions with industry players following the recent release of an ATO decision “has lead SPAA to conclude that many SMSF trustees may  not be taking full advantage of tax deductions they are legally […]

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New digital resources to help students understand tax and super

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A new digital resource has been launched to help high school students understand the principles of taxation and superannuation. Developed by the Australian Taxation Office (ATO), the new Digital Curriculum Resource, Tax, Super + You was launched today at MacGregor State High School in Brisbane. The new resource helps students gain a better understanding of […]

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ATO prosecutes 1,500 for tax & superannuation offences

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The Australian Taxation Office’s (ATO) prosecution of more than 1,500 people for tax and superannuation offences sends a clear warning to tax cheats that they can expect to be caught. Speaking at the release of the ATO’s third quarter update of prosecution results, Tax Commissioner Michael D’Ascenzo said the figures show that there are significant […]

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