Open banking ready for lift off

The Government introduced its consumer data right bill last week, which marks the beginning of the development of open banking in the Australian market. The new right, set out in Treasury Laws Amendment (Consumer Data Right) Bill 2019, is designed…

Franking credits: time to consider your options

The debate over the Labor Party’s proposed changes to the tax treatment of franking credits picked up a gear last week, with accusations of manipulation of a parliamentary committee and a scuffle at a public meeting in Sydney. Through all…

Bendigo loses another Great Southern debt recovery case

A court has dismissed loan recovery action by Bendigo and Adelaide Bank against an investor in several Great Southern Plantations schemes. It is not the first time the courts have knocked the bank back over similar recovery action. The District…

ATO to target the ‘trust tax shuffle’

The interaction between trust and tax law is being manipulated to minimise tax and the problem is growing with an increase in the number of trusts, according to a new report. The Australian Taxation Office commissioned the Royal Melbourne Institute…

No house price pick-up this year

In another sign of weakness for the housing market, the Australian Bureau of Statistics reported last week that the value of new housing finance fell 2.5 per cent in November – a heavy fall that continues the trend of the…

The best of The Rub 2018

To kick things off in the New Year, this special issue of The Rub includes some of our most popular articles of 2018. These stories deal with tax rules, including changes or proposed changes covering inherited property, negative gearing and…

New consumer and super member protections ahead

Consumers, retirees and super fund members with small balances will benefit from a range of reforms that take effect next year. The changes cover retiree work tests arrangements, responsible lending rules extending to credit cards, fixed expiry dates for gift…

Reverse mortgages: what you are getting into

A typical reverse mortgage starts out around $60,000 and grows to $120,000 over its seven-year life – an average loan-to-valuation ratio of 25 per cent. Most borrowers pay some of the loan off along the way, and by the time…

Granny flat tax arrangements under review

The Government has asked to Board of Taxation to review the tax treatment of granny flat arrangements and recommend any changes that would encourage families to enter formal family agreements and not ad hoc, unenforceable agreements that often put elderly…

Superannuation early release rules to be relaxed

People applying for the early release of some of their superannuation savings, to help deal with financial or medical emergencies, will have greater scope and flexibility under the Government’s proposed new rules. Last week, the Assistant Treasurer Stuart Robert released…