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The Australian Taxation Office (ATO) is an Australian statutory agency and the principal revenue collection body for the Australian Government. The ATO has responsibility for administering the Australian federal taxation system , superannuation legislation, and other associated matters.
Superannuation in Australia is taxed by the Australian taxation system at three points: on contributions received by a superannuation fund, on investment income earned by the fund, and on benefits paid by the fund.
MoneySmart is a website run by the Australian Securities and Investments Commission (ASIC) to help people make smart choices about their personal finances. They provide a number of tools such as the Superannuation Calculator. The Australian Taxation Office (ATO) ensures that self-managed superannuation funds adhere to the rules and regulations ...
The Australian Taxation Office was given powers to consolidate superannuation from a person's inactive accounts, sending it to their active account. Superannuation accounts that have had no contributions for over 13 months and that have a balance of under $6,000 will be subject to this scheme from 1 July 2019.
Ken Henry proposed a Resource Super Profits Tax (RSPT) on all mining companies' super profits. The government claimed that miners paid as little as 17 percent tax on their profits, [ 28 ] mining companies claimed they paid 43%, but Australian Taxation Office figures indicate that "the average tax take across the mining industry is about 27 ...
Income taxes are the most significant form of taxation in Australia, and collected by the federal government through the Australian Taxation Office (ATO). Australian GST revenue is collected by the Federal government, and then paid to the states under a distribution formula determined by the Commonwealth Grants Commission.
Michael Joseph Carmody AO is a retired senior Australian public servant. He was the Commissioner of Taxation of the Commonwealth of Australia from January 1993 to 31 December 2005 and the chief executive officer of the Australian Customs and Border Protection Service until 4 September 2012.
Part IVA of the 1936 Tax Act is a General Anti Avoidance Provision (‘GAAR’) which can apply to strike down any Australian income tax benefits arising from a scheme where the Commissioner of Taxation, who is the head of the Australian Taxation Office, can successfully establish that the dominant purpose of a party involved in the transaction ...