Earn
Budget could see big changes to tax and super, warns BT
Given the impact of COVID-19, the government may consider announcing some significant changes to the taxation of super in the budget this year, BT Technical Services has said.
Budget could see big changes to tax and super, warns BT
Given the impact of COVID-19, the government may consider announcing some significant changes to the taxation of super in the budget this year, BT Technical Services has said.
BT head of financial literacy and advocacy Bryan Ashenden said the federal budget, due to be handed down on 6 October, could be a very interesting one this year depending on how the government responds to the economic impact of COVID-19.
“If the government wants to make some significant changes to the way things have worked in the past, they may decide this is the time to do it,” Mr Ashenden said in a BT Technical Services webinar.
Mr Ashenden said the government may consider whether the age pension system or welfare system is operating effectively and whether there needs to be changes in terms of income testing and asset testing.
“Will they [increase] the preservation age to encourage people to work for longer?” he questioned.
“Is it a time where [they decide] to change the taxation of the superannuation system? Where we move from a 15 per cent flat rate and zero per cent rate in retirement to having some taxation on earnings? Will it become the marginal tax rate less 15 per cent during accumulation?”
Mr Ashenden said all of these types of questions could come up for consideration, depending on the outcomes of the retirement income review.
The other item the government may announce, he said, is what the government plans to do in relation to the income tax rate changes.
“There has already been talk about bringing forward the changes that were initially due to take effect from 1 July 2022 and whether they will be brought forward to 1 July 2021, or even brought forward to apply to this financial year and whether those other changes that were due to take effect 1 July 2024 will also be brought forward,” he said.
Tax refund
ATO issues tax tips for first-time share and ETF investors
The ATO has offered a helping hand to first-time ETF investors facing the burden of lodging their tax returns. ...Read more
Tax refund
The tax trick that property investors need to get their renovation deductions in order
Knowing the difference between renovations and repairs can mean the difference between a timely tax return and an audit by the ATO. ...Read more
Tax refund
What makes a good tax?
With the economy going through an uneven recovery, an industry expert has highlighted the current failures of the tax system and what makes a good tax. ...Read more
Tax refund
Aussies more conservative with tax returns amid COVID pandemic
Over a quarter of Australians are looking to pay off outstanding bills with their tax returns, according to new research. ...Read more
Tax refund
$5.3bn in tax returns tipped to support economic recovery
Less than 30 days into the new financial year, the ATO has revealed that over 2 million tax refunds have been processed. ...Read more
Tax refund
How expanding the GST could net Australia $500m at the 2032 Olympics
The right GST mix could see Australia pocket an additional $500 million from international travellers when it hosts the Olympics in 2032, new figures show. ...Read more
Tax refund
Low and middle income tax offset explained
Are you wondering what the low and middle income tax offset is, and whether you are eligible for it? Here’s our quick explainer to help you determine if you qualify. ...Read more
Tax refund
Remember, reaping the tax benefits of working from home requires more than just receipts
There’s more than one way to go about tax deductions when it comes to working from home. ...Read more
Could property prices inflate by another 20%? What’s happening in recent dividend announcements? Did your fund fail the YFYS test?
Listen now
What does the NSW regional permit mean for property investors? Who really wins from the BHP-Woodside merger?
Listen now
The sea and tree-change norm; Square’s acquisition of Afterpay; Why you should think twice before turning to TikTok for advice
Listen now
The Olympic effect on property and equity investors; COVID-19 Disaster Payments and super
Listen now
Tax refund
ATO issues tax tips for first-time share and ETF investors
The ATO has offered a helping hand to first-time ETF investors facing the burden of lodging their tax returns. ...Read more
Tax refund
The tax trick that property investors need to get their renovation deductions in order
Knowing the difference between renovations and repairs can mean the difference between a timely tax return and an audit by the ATO. ...Read more
Tax refund
What makes a good tax?
With the economy going through an uneven recovery, an industry expert has highlighted the current failures of the tax system and what makes a good tax. ...Read more
Tax refund
Aussies more conservative with tax returns amid COVID pandemic
Over a quarter of Australians are looking to pay off outstanding bills with their tax returns, according to new research. ...Read more
Tax refund
$5.3bn in tax returns tipped to support economic recovery
Less than 30 days into the new financial year, the ATO has revealed that over 2 million tax refunds have been processed. ...Read more
Tax refund
How expanding the GST could net Australia $500m at the 2032 Olympics
The right GST mix could see Australia pocket an additional $500 million from international travellers when it hosts the Olympics in 2032, new figures show. ...Read more
Tax refund
Low and middle income tax offset explained
Are you wondering what the low and middle income tax offset is, and whether you are eligible for it? Here’s our quick explainer to help you determine if you qualify. ...Read more
Tax refund
Remember, reaping the tax benefits of working from home requires more than just receipts
There’s more than one way to go about tax deductions when it comes to working from home. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
