Illegal early access to superannuation
This measure introduces new penalties for promoters of schemes that promote the illegal early release of superannuation. These new penalties increase the ability of the ATO to prosecute scheme promoters.

 

 

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Non-Profit News Service No. 0371 - New and updated products released for charities
Recently we released new and updated information products for charities, which are available on our website. They explain the types of concessions available to tax concession charities, how to apply for endorsement as a tax concession charity, and how to check if your charity is still entitled to endorsement.

 

 

 

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Employment termination payments tax offset
As part of the 2012-13 Budget, the government announced it is revising the way that employment termination payments (ETPs) are taxed.

 

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ATO warns of sophisticated structured financial products that claim to offer franking credits and other tax benefits
The Australian Tax Office today released a taxpayer alert warning people to be cautious about sophisticated structured financial products that claim to offer franking credits and other tax benefits.

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NAB first to move on interest rates

National Australia Bank is the first of the big four banks to announce it will cut its standard variable home loan rate after the Reserve Bank of Australia slashed the cash rate on Tuesday.

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RBA slashes rates by 0.50 per cen
The Reserve Bank of Australia (RBA) has dropped the official cash rate by 50 basis points from 4.25 per cent to 3.75 per cent at its board meeting today.

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Tips for charities
As part of our ongoing commitment to encourage willing participation in the tax system, we provide guidance and assistance to non-profit organisations to help them understand their obligations under the tax law.

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Get ready for tax time
With just over two weeks until the end of the financial year, many people are looking forward to getting a tax refund. Some will have catch-up payments to make.

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Common errors when utilising tax losses
Although we've found that most taxpayers correctly use their tax losses, we have identified some common mistakes. These include:

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NAB cuts rates by less than RBA

National Australia Bank (NAB) has cut its variable home loan rates by 0.32 per cent, less than the central bank's rate cut.

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Uni releases new carbon price modelling

 Queenslanders - heavily dependent on coal to generate electricity - will wear the biggest increase in power charges due to the carbon price, according to new economic models.

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