Australia: Proposed superannuation pension tax scrapped

On 6 November 2013, Treasurer Joe Hockey announced the Government’s decision to abandon some of Labor’s proposed tax and superannuation initiatives.

Included on the scrapheap is the tax on earnings on super assets supporting retirement income streams.

We released an alert on our website on this measure back in April 2013 when it was first announced (click here to access the alert) but to summarise, this measure would have taxed earnings on assets supporting pensions that were over $100,000 […]

By |November 24th, 2013|

United States: Paying Exchange Premiums: Not With Pre-Tax Dollars

As I make presentations to employers about PPACA compliance, I am frequently met with proposals from clients that they have been told that the solution to their problem is to reimburse employees for exchange premiums with pre-tax dollars.  The thought is that by doing so they would avoid penalties and taxes as well.  Unfortunately, it does not work that way.

Under Revenue Ruling 61-146, if an employer were to reimburse an employee for health insurance premiums […]

By |November 23rd, 2013|

United Kingdom: Tax Planning For Christmas?

Besides the feel-good factor that it provides, end of year gifting is also advantageous from an estate planning perspective since it can move assets out of one estate into one taxed at lower rates and/or channel assets to the next generation.

In 2012, due to uncertainty over the federal, estate, gift and generation skipping transfer tax credit shelter amounts and applicable taxing rates, many individuals made significant contributions out of their taxable estate to take […]

By |November 22nd, 2013|