News
According to the ATO, more than $14 billion in lost super is waiting to be claimed. The ATO said $8 billion in super was sitting in accounts that have not received a contribution in five years. A further $6 billion in super was sitting in accounts were funds have not been kept up-to-date with changes…
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The Interim Report of the Murray financial system inquiry has been released. The final report is due in November 2014. The Interim Report makes some 28 observations on the Australian financial system which reflect the inquiry’s current judgment, based on available evidence. The Interim Report also includes a range of possible policy options. It listed…
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The ATO has signalled that it will pay close attention to work-related expenses claimed as deductions by individuals when they lodge their 2013-14 tax returns, as incorrect expense claims are becoming easier to detect. This year, the ATO says it will not be limiting its attention to particular occupations. Rather, it will pay particular attention…
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The Family Assistance Legislation Amendment (Child Care Measures) Bill 2014 has been introduced in the House of Reps. It proposes to amend the A New Tax System (Family Assistance) Act 1999 to continue to maintain the Child Care Rebate (CCR) limit at $7,500 for three income years, The Child Care Rebate will be maintained for…
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The Australian Government delivered on its promise to deliver a tough Budget for 2014-15, leaving the community and business to decide whether it is fair. “The days of borrow and spend must come to an end. It is time, for all of us, to contribute and build,” says Federal Treasurer Joe Hockey. As always, both…
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The Treasury Secretary, Dr Martin Parkinson, has delivered a speech about Australia’s current fiscal position and what might be done to address it. He noted that Australia has relatively high reliance on direct taxes as a proportion of revenue raised when compared to other OECD countries. Dr Parkinson says research consistently shows that “reduced reliance…
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The Paid Parental Leave Amendment Bill 2014 has been introduced in the House of Reps. It proposes to ease administrative burdens on business by amending the paid parental leave legislation to remove the requirement for employers to provide government-funded parental leave pay to their eligible long-term employees. From 1 July 2014, employees will be paid…
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Speaking at a recent conference, Acting Deputy Commissioner Superannuation, Alison Lendon, said the self-managed superannuation fund (SMSF) sector was in good shape, but noted there was a small minority of funds and professionals that do the wrong thing. Some emerging areas of concern included: Illegal early release; fraud; not correctly reporting non-arm’s length income; not…
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Treasury has released a discussion paper on the proposal to improve tax compliance through third party reporting and data-matching. The proposal is designed to improve taxpayer compliance by enhancing the information reported to the ATO by a range of third parties through the introduction of new reporting regimes. It notes that some of the elements…
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CPA Australia’s 2014 pre-Budget submission says Australia is at a crossroads and the upcoming Federal Budget is an opportunity to chart a new course which will drive economic growth over the next decade and beyond. The submission says Australia’s current tax system remains a serious impediment to productivity growth and our international competitiveness. CPA Australia…
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