Taxpayers have been urged to check for any lost or unclaimed superannuation, as the Australian Taxation Office (ATO) revealed it is holding $17.8 billion worth of unclaimed funds. The ATO also warned people who have already retired, that they too could be in for a retirement savings boost, with $471 million of that unclaimed super … Read more
Some Canadian farmers say changes to a federal incentive billed as a method to lower the impact from the capital gains inclusion rate increase “doesn’t go far enough” and are calling on Ottawa to return the inclusion rate for farmers to what it was before this year’s change. On Monday, the Department of Finance provided … Read more
While it may be far too early for some people to even think about next year’s tax return, it might be in your best interest to do so, an ATO top dog says. Australian Taxation Office assistant commissioner Rob Thomson has encouraged taxpayers to get organised early and start thinking about what work-related expenses they … Read more
The foreign portfolio investor (FPI) community, which is set to play a major role in positioning India as the third largest economy in the world, has pumped in nearly 52,910 crore in equity and debt this month (till July 26). FPIs were consistent buyers as the Union Budget 2024-2025 focused on fostering a stable and … Read more
Even as banks and other financial stocks dragged Sensex and Nifty down following a hike in capital gains tax in Budget, smallcaps and midcaps continued to rally as if nothing changed in the Finance Bill. Sensex was down around 600 points as heavyweights HDFC Bank, ICICI Bank, Axis Bank and Bajaj twins led the downside … Read more
On events such as budget day, the market is prone to kneejerk reactions. So, as soon as the finance minister announced higher short-term and long-term capital gains taxes on financial instruments, the stock market tanked. Of course, it recovered towards the close as sanity set in. And what’s that sanity? In my view, it is … Read more
“I think the STT on F&O is a step in the right direction. If the idea is to essentially curb volumes on the F&O side I think that is fair enough. I am just saying is that for a long-term investor, there is STT, there is a hike in LTCG, and there is a tax … Read more
Australian taxpayers lost out on a quarter of a billion dollars in revenue in 2023 thanks to a generous tax loophole for “big, dumb” American-style utes, a report says. Large utes such as those made by Chevrolet and Ram are being subsidised as they are exempt from the Luxury Car Tax while contributing to higher … Read more
Taxpayers are being reminded the Australian Taxation Office (ATO) will siphon money from their tax returns to pay off any outstanding Services Australia debts. Even those people who have existing repayment arrangements with Services Australia could discover a chunk of their tax return missing. “If you have an outstanding debt with us, we may take … Read more
Taxpayers struggling with lodging their returns could be eligible for a free helping hand. Australians have until October 31 to lodge their returns or face a hefty fine. While you can file as of July 1, the official advice is to wait a bit. Know the news with the 7NEWS app: Download today People who … Read more
