Super guides
Our technical reference guides provide you with a comprehensive summary of the superannuation rules and issues that you need to be aware of when advising clients.
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Latest news
The Government has registered a legislative instrument to increase the maximum amount of accommodation payment that an aged care provider can charge without approval from the Independent Health and Aged Care Pricing Authority (Pricing Authority).
The Aged Care (Subsidy, Fees and Payments) Amendment (Maximum Accommodation Payment) Determination 2024 increases the maximum amount of accommodation payment that can be charged without approval from the Pricing Authority from $550,000 to $750,000 from 1 January 2025.
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The Determination replaces TD 95/60 (now withdrawn) which outlined the ATO’s view on the deductibility of fees paid by a taxpayer to an investment adviser for drawing up an investment plan, and the ongoing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.
Latest articles
Tax considerations of offset accounts and redraw facilities
This article explores the most frequently asked questions regarding the tax implications of using an offset account compared to a redraw facility.
Taxing times - getting the most out of disability super benefits
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Who's liable to pay tax on income of a deceased estate
It’s a common misconception that as long as the deceased estate is kept open, the income derived by a deceased estate is always assessable to the estate for tax purposes.
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Adviser use only. Information on this webpage is provided by Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 and Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468. It may include general advice but does not consider anyone’s individual objectives, financial situation, needs or tax circumstances. You should read the relevant Product Disclosure Statements (PDSs), Investor Directed Portfolio Service Guides (IDPS Guides) and Financial Services Guides (FSGs) before making any recommendations to a client. The PDSs, IDPS Guides and FSGs can be obtained from www.cfs.com.au or by calling us on 13 18 36. Past performance or awards are no indication of future performance.