The ATO have released Tax Determination TD 2024/7 Income tax: deductions for financial advice fees paid by individuals who are not carrying on an investment business.
This Determination sets out when an individual may be entitled to a deduction under sections 8-1 or 25-5 of the Income Tax Assessment Act 1997 for fees paid for financial advice.
The Determination replaces TD 95/60 (now withdrawn) which outlined the ATO’s view on the deductibility of fees paid by a taxpayer to an investment adviser for drawing up an investment plan, and the ongoing management of the investments.
The ATO has stated that the new Tax Determination TD 2024/7 was implemented as a result of regulatory reforms to the financial services industry, however it does not represent a change in the ATO’s view on the deductibility of financial advice fees.
The Paid Parental Leave Amendment (Adding Superannuation for a More Secure Retirement) Bill 2024 has passed both houses and awaits royal assent.
The legislation provides a superannuation contribution for people receiving Parental Leave Pay (PLP) in respect of children born on or after 1 July 2025.
Under the legislation, the ATO will pay the super contribution which is treated as a concessional contribution when received by the person’s super fund. The amount of the super contribution is the sum of all PLP payments during the financial year multiplied by the superannuation guarantee charge percentage (12% from 1 July 2025). The contribution will also include an additional interest component to compensate for forgone returns resulting from the annual payment.
Treasury have released a fact sheet providing more detail on the proposal requiring employers to pay their employees' superannuation guarantee contributions on every pay cycle from 1 July 2026.
The fact sheet provides a number of proposed changes including:
This article explains what super information clients can access via ATO online services, how it is reported to the ATO and reporting timeframes.
This article examines how to determine the amount of SG payable, as well as the impact of different remuneration package structures.
We also discuss how the increasing SG rate affects concessional contribution strategies.
This Did You Know discusses the election form requirements when making a downsizer contribution, personal injury payment contribution or a contribution under the lifetime CGT cap to ensure it does not count against the NCCs cap.
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