ATO offers relief to flood victims
The Australian Taxation Office (ATO) has offered to fast-track tax refunds to victims of the storms in Queensland and give taxpayers more time to pay off their debts without accumulating interest charges.
The tax commissioner, Michael D’Ascenzo, said the tax office understood that this was a trying time for residents in Queensland and that the ATO would move to alleviate the strain on victims.
The tax office also offered to help residents reconstruct destroyed tax records and give them more time to meet deadlines to lodge their tax returns.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
