News
MIT Budget inconsistencies spark concern
The surprise doubling of withholding tax for foreign investment in
managed investment trusts, effective 01 July 2012, has been
criticised as inconsistent with the IMR initiative. The
announcement sparked immediate concern over the uncertainty created
for foreign investors, particularly those who have already invested
in Australia on the expectation that the reduced rate of 7.5% would
apply over the term of the investment (10 May 2012) More...
Government Budget Calls for Levy on Superannuations to
Pay for SuperStream Reforms
The government's proposed 2012-13 budget will see an
increase in funding for regulators, aimed at implementing the
Stronger Super and financial advice reforms. The government has
proposed to cover the costs of implementing the administrative
reforms of the SuperStream package by a temporary levy on all
superannuation funds regulated by the Australian Prudential
Regulation Authority (09 May 2012)
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