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Plan to tax bank deposits Posted on Mar 30, 2015 by editor

Tax

The federal government has announced that it is planning to place a tax on bank deposits in its next budget, which will be handed down in May. According to media reports, the tax will take the form of an insurance levy; the government offers consumers a savings guarantee of up to $250 000 to protect them in the event of a bank collapsing. To support this insurance guarantee, accounts holding more than $250 000 will incur a 0.05% levy. Banking representatives are warning that the cost of the tax may be passed on to consumers. Further criticism of the scheme […]

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ATO Releases New Blueprint: Reinventing the ATO Posted on Mar 19, 2015 by editor

Tax

Yesterday, the Australian Tax Office released a blueprint containing information on a new unit for wealthy taxpayers, as well as a new design to guide future proceedings with taxpayers. Entitled ‘Reinventing the ATO’, the blueprint outlines an exclusive unit to deal with wealthy individuals in Australia and at least one million privately owned businesses. The announcement of this new unit comes in response to the government being forced to defend exempting Australia’s biggest private companies from tax disclosure requirements. Beginning in late April, the taxpayers who make over $1 billion or have $500 million in assets will be personally contacted […]

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Tips for cutting your tax bill Posted on Mar 13, 2015 by editor

Tax

1. Put more into your mortgage offset account: Mortgage offset accounts are usually considered to be a mechanism for protecting yourself from interest rate rises. However, another advantage is that if you direct more money here and less to your savings account, you will save on tax earned on interest. With interest rates at record lows, this strategy may be particularly beneficial to some individuals. 2. Don’t forget about non-concessional super contributions: There is a lot of hype surrounding the massive tax benefits of concessional (before tax) superannuation contributions, but don’t forget about your non-concessional (after tax) options! By making […]

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Superannuation and life insurance Posted on Mar 12, 2015 by editor

Super

A lot of Australians are unaware of the fact that they probably have life insurance provided by their superannuation fund. Due to economies of scale, you are most likely getting a very good deal on your cover, and as such it pays to be aware of a few things that can impact your life insurance. 1. SMSFs need to consider the life insurance needs of their members. However, this does not necessarily mean that the SMSF needs to provide the insurance. A lot of SMSF trustees choose to keep some of their super invested in public funds in order to […]

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Australia and Switzerland enter into tax information exchange Posted on Mar 5, 2015 by editor

Tax

Switzerland and Australia have entered into an unprecedented agreement that will see the two countries automatically exchange tax information. The move is intended to prevent tax evasion through income earned and held in offshore bank accounts. Tax avoidance has been increasingly prominent on the international agenda recently, and Switzerland is striving to shake its reputation as a haven for tax dodgers and criminal organisation. Swiss authorities have even gone so far as to criticise the James Bond film franchise for the unsavoury image it has cast on the alpine nation. Authorities from both countries have indicated that they expect the […]

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