Whether you think the new super tax is going to hurt you or not... You should be contacting your local member and senator. The tax is going to be retrospective and backdated. This is WAY outside the norm for anything that resembles a fair tax. Jim Chalmers MP is proving to be disappointingly dangerous.
Treasurer going against department advice if Div 296 backdated
www.smsfadviser.com
If the Division 296 legislation is backdated to 1 July 2025, the Treasurer will be going against the advice of his own department, the SMSFA has said.0 CommentsComment on Facebook
Retrospective, unrealised and unindexed and thus unfair on at least 3 counts. The government's first serious adjustment of the tax system is not a good sign for the future. Jim Chalmers MP should be ashamed. Having a Super Super Tax is as reasonable as having a super profits tax, but it should be implemented well. Post legislation, indexed and on realised gains.
Old claims can’t justify Div 296 start | SMS Magazine
smsmagazine.com.au
Two-year-old arguments from the government are not sufficient justification to implement the proposed Division 296 tax or backdate its commencement.0 CommentsComment on Facebook
Neither of Australia's major political parties is willing to take on the fossil fuel industry. The result - we give away Australia's natural resources and don't keep any value for it. Education, healthcare, roads all funded by personal income taxes instead. Break the silence - contact your member and senator.
Impact of gas exports on Australian energy prices
australiainstitute.org.au
Until the mid-2010s, wholesale gas prices in eastern Australia were low.0 CommentsComment on Facebook
Michelle is making too much money for the banks to drop rates.... When the temperature goes up she can always jump with her golden parachute.
RBA leaves cash rate at 3.85pc, shocks market
www.afr.com
The Reserve Bank said it could “wait for a little more information to confirm that inflation remains on track to reach 2.5 per cent on a sustainable basis”.0 CommentsComment on Facebook
Div293 tax was pushed through with the same justification in 2012-13 - "It will only impact a few and it's only an incremental change". Div293 impacts an increasing number of Aussies every year. Anyone on a "good" income pays 30% on their super contributions today.The proposed Div296 is also a fundamental change, taxing unrealised gains and, like our personal tax rates, is not inflation-indexed. It's a sneaky, underhanded way to introduce a big tax that will impact everyone in future. Contact your senator and complain. The house is lost.Jim Chalmers MP you know what you are doing and you are not being honest with the public.
Assistant Treasurer reconfirms intention of pushing through unchanged legislation
www.smsfadviser.com
In a meeting with the SMSFA last week, Assistant Treasurer Daniel Mulino reconfirmed the Treasurer’s intention to proceed with the proposed $3 million super tax legislation in its current form.1 CommentsComment on Facebook
Good financial advice is tax-deductible.... PARTIALLY. All good advisers should focus on tax efficiency and reducing tax owed (tax deductible) but also look at wealth creation (Not deductible). Do NOT claim 100% of our fees. Remind your accountant.
ATO monitoring advice fee deductions, FAAA cautions
www.accountantsdaily.com.au
Advisers and accountants should adopt a common-sense approach towards claiming tax deductions for financial advice, with the ATO asking questions about deductions in some instances, says the FAAA.0 CommentsComment on Facebook