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Superannuation funds can claim a capital gains tax discount where the asset has been owned for at least 12 months. The discount applicable to superannuation funds is 33%, reducing the effective tax rate on capital gains from 15% to 10%. [8] No discount or adjustment is available if an asset is sold at a loss.
The Superannuation Guarantee (SG) rate, which had been gradually increasing over the years, reached 10.5% in 2022 and is set to continue rising by 0.5% each year until it hits 12% by 2025. [16] This change aims to enhance retirement savings for Australian workers, ensuring better financial security in retirement.
Superannuation Guarantee Charge percentage: 5 September 2014 7: Low income superannuation contribution: 1 July 2017 8, items 1–11: Repeal of income support bonus (main amendments) 31 December 2016 8, items 12–13: Repeal of income support bonus (amendments to Farm Household Support (Consequential and Transitional Provisions) Act 2014) 5 ...
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.
Income tax is collected on behalf of the federal government by the Australian Taxation Office. The two statutes under which income tax is calculated are the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997; the former is gradually being re-written into the latter. Taxable income is the difference between assessable income ...
Superannuation (retirement/private pension contributions) Minor benefits (less than $300 in value) incurred infrequently and irregularly; [7] Work-related items: protective clothing; tools of trade; briefcases; mobile phones; laptops and similar portable digital assistants, including software, portable printers, calculators, electronic diaries.
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 ...
The Income Tax Assessment Act 1997 (Cth) is an Act of the Parliament of Australia introduced by the Howard government.The Act is one of a few statutes used in Australia to calculate income tax assessments.