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Articles by Tony Negline CA
2023 was a momentous year in sustainability
The sustainability-related reporting landscape evolved at a rapid pace in 2023, highlighting the increasing demand for information from investors and stakeholders. Jurisdictions, like Australia, have also moved quickly with the release of legislation and reporting frameworks linked to national ambition and international commitments.
ATO finalises financial advice fee Tax Determination
The ATO has finally issued a revised Tax Determination for individuals receiving financial advice. The determination details what financial advice fees can be claimed as a tax deduction when they are paid by an individual who is not operating an investment business. The financial advice community’s nirvana would be for all advice fees to be tax deductible regardless of their purpose.
How NZ and Ireland’s tax systems dance to a similar tune - discover the Craic
On my latest trip to Ireland, I had the privilege of engaging with fellow accounting professionals. Our discussions brought to light the intriguing nuances between the tax systems of the Emerald Isle and our own Shaky Isles. Overall tax revenue Both countries’ tax systems raise a significant amount of revenue for their respective governments.
Intergenerational Report 2023
The release of the sixth edition of the Federal Government’s Intergenerational Report (IGR) has generated more commentary this year than previous editions. Past editions We have had IGRs in 2002 and 2007 (Costello), 2010 (Swan), 2015 (Hockey) and 2021 (Frydenberg). Why have an IGR? An IGR is required by the Charter of Budget Honesty Act 1998 (CBH Act).
Problems aplenty with $3 million super cap
As soon as the government announced its thirty per cent tax on higher superannuation balances policy the task of working out its practical impacts began. A major concern that has already been widely discussed is the issue of taxing unrealised capital gains. This comes about because of the proposed calculations used to determine how much tax is paid. Two other problems starting to get coverage is the treatment of unrealised capital losses and how defined benefit pensions will be treated.
Is it time to revisit the taxation of interest
It’s time to revisit how we tax interest, taking inflation into account and taxing the actual (real) earnings on term deposits. Interest rates on deposits are finally starting to trend upwards however this is against a backdrop of relatively high inflation. In real terms, investors’ purchasing power (the value of their investment funds) is decreasing and their return on that investment (interest) is not keeping pace with inflation.
Unpacking the impact of New Zealands new climaterelated standards
New Zealand business news outlet the National Business Review (NBR) recently hosted an opinion piece written by CA ANZ Business Reform Leader Karen McWilliams FCA, sharing CA ANZ’s response to the recently released climate standards. The key points are shared below, and the full article can be read at nbr.co.nz. What are the standards?
2019-20 Australia Federal Budget
acuity 03 04 19 Australian Federal Budget 2019-20: CA ANZ reacts The Coalition has unveiled Australia’s first budget surplus in a decade, and tax breaks to entice voters as an election looms. Read MoreAustralian Federal Budget 2019-20: CA ANZ reacts
Death, super and confusion: rewriting Australia’s death benefit rules
By Tony Negline CA With Australia’s Superannuation Complaints Tribunal (SCT) now absorbed into the Australian Financial Complaints Authority (AFCA), it’s worth reflecting on the top complaint to the outgoing dispute resolution body: disagreements between families and loved ones about payouts from a deceased person’s super fund. These disputes typically centre around who is entitled to receive death benefit payments and why, how they are paid, and tax owed.
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