Business

THE NEWS WRAP: Government could cut super tax breaks to fund education and disability reforms

Oliver Milman /

The Federal Government is reportedly looking at slashing billions of dollars in superannuation tax breaks in order to fund new policies.

 

According to The Weekend Review, Labor is targeting capital gains tax concessions for self-managed superannuation funds in a bid to fund education and disability services reforms.

 

ATO places 50,000 tax returns under microscope

 

More than 50,000 tax returns have been scrutinised this year for suspected over-claiming on deductions or tax fraud, according to new figures.

 

The Australian Taxation Office said that it processed 5.45 million individual tax returns for the 2011-12 financial year, with the amount of payments rising $40 million to $9.76 billion.

 

More than 50,700 returns were analysed for irregularities, with the ATO recommending “compliance action” for around 11,800 of these.

 

Apple spends big on fingerprint scanning firm

 

Apple is to spend $365 million acquiring a fingerprint scanning tech company, days ahead of the launch of its iPhone 5 smartphone.

 

AuthenTec is expected to approve the sale at a board meeting on October 4, raising speculation that fingerprint technology will be integrated into Apple’s latest iPhone.

 

Markets

 

The Dow Jones Industrial Average rose 14.64 points, or 0.11%, to 13,306.64 on Friday. The Australian dollar was up to US103.97 cents.

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