Monthly update, February 2024

Compensation from your bank or financial institution – is it taxable?

With Christmas a distant memory life, and tax obligations, are returning to a familiar routine. In this issue we look at a variety of tax issues, including a consideration of the tax consequences if you receive compensation when your bank or financial institution hasn’t acted as ethically and correctly as they could have; the tax issues and obligations surrounding volunteers; whether that family heirloom you inherited from grandma came with a tax sting in the tail; the circumstances in which you may be able to use your super to pay your mortgage; and the super consequences of returning to work after retirement.

We trust that this newsletter will provoke some thoughtful discussion around these issues as we launch into 2024.

This issue reflects the law when it was published. Tax and super rules change often, so please call us before acting on anything in it.