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Taxing profits from super funds

Discussion in 'Accounting & Tax' started by Hugh, 1st Jul, 2015.

  1. Hugh

    Hugh Member

    Joined:
    19th Jun, 2015
    Posts:
    7
    Location:
    Sydney
    Hi all, interested to hear your thoughts.

    My accountant tells me that they have all had to complete competency tests regarding the reporting of superannuation contributions, and that this means that one day the government will tax all income generated from super funds.

    Can anyone confirm this?

    Cheers
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
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    8,989
    Location:
    Sydney
    Nope.
     
  3. MikeLivingTheDream

    MikeLivingTheDream BCOM MCOM MTAX CPA CTA Registered Tax Agent

    Joined:
    24th Jun, 2015
    Posts:
    227
    Location:
    Philippines
    all super funds are taxed. some super funds receive concessional rates of tax depending on the status of members in the fund. if members are in full pension phase then the tax rate may be nil. The accountant is speculating on something that may or may not happen in future.