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  • Home
  • About
  • Our Team
  • Services
    • Accounting
    • Taxation
    • Business Advisory
    • Finance
    • Bookkeeping & Payroll
    • Corporate Secretarial
    • Superannuation
    • Tax Audit Insurance
  • Clients
    • Secure File Upload
    • Investment Log-in
  • Blog
  • Covid-19 Information
    • PAYG Cashflow Boost Calculator Tool
  • Contact

Daily Archives: 02/09/2019

reporting

Tax treatment of compensation from financial institutions

Accounting & Tax, Latest NewsBy Mitchell Partners02/09/2019

By 30 June 2019, five major financial institutions paid $119.7 million in compensation for poor financial advice to 6,318 customers. The question is, how are these payments treated for tax purposes? The tax treatment varies according to why the compensation was paid and who the payment was made to. Compensation payments are made for a…

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