The recently delivered Federal budget contains a number of proposed changes to Superannuation provisions with potential effects both for accumulation funds, i.
We keep being bombarded by missives of uncertainty, volatility, slowing economic growth around the world and faltering levels of consumer confidence.
Tax exemption on TTR pension earnings removed – but TTRP strategy still useful The tax exempt status of income from assets supporting transition to retirement (TTR) pensions will be removed from 1 July 2017, with earnings to be taxed at the Super accumulation tax rate on earnings of up to 15%.
Changes by the ATO affecting the 2016 Individual Tax Return: New reporting rules for claiming new tax discount for individuals with income as sole traders, partners & beneficiaries New guidelines for claims for mobile/home phones, internet and electronic devices New ruling for landlords of units, flats, apartments claiming deductions for common property but crackdown on repairs & interest claims New rules streamlining car expense claims methods New reforms limit claims for key offsets – dependant spouse, zone and medical expenses Crackdown on work related and self-education claims Other changes relating to residency, dependant & invalid carer tax offset and Medicare levy concessions & exemptions
In the 2015-16 Federal budget the Government announced the introduction of a new form of roll-over relief for small business as part of the Growing Jobs and Small Business Package.
A common and almost entirely unreported form of fraud is family financial abuse, this deplorable act occurs when someone misuses their control over another party’s finance’s.