Category: Financial News

The Financial Planning Association of Australia (FPA) says yesterday’s decision by the Australian Taxation Office (ATO) to update its guidance on the tax deductibility of financial advice fees is very welcome.

The ATO’s move comes after two years of advocacy and engagement by the FPA, in conjunction with Tangelo Advice Consulting.

FPA CEO, Sarah Abood, says the ATO’s consultation process could be a gamechanger.

“The FPA has long been advocating for broad tax deductibility of both initial and ongoing financial advice fees. One of the quickest and easiest ways to make quality financial advice more affordable for consumers, would be to make it tax-deductible in full.

“While we continue to advocate strongly for this outcome with government, we’ve also been calling out concerns with the ATO’s current guidance on deductibility of advice. Tax Determination 95/60 considers an upfront fee paid for an investment plan in 1995.

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The deadline is fast approaching for mandatory retirement plan withdrawals, which may force some retirees to sell assets in a down market. But experts say there may be ways to reduce the negative effects.

Required minimum distributions, known as RMDs, are yearly amounts that must be taken from certain retirement accounts, such as 401(k) plans and most individual retirement accounts.

RMDs start when you turn 72, with a deadline of April 1 of the following year for your first withdrawal, and a Dec. 31 due date for future years.

Although it’s been a rough year for the stock market, there’s a steep IRS penalty for missing RMD deadlines — 50% of the amount that should have been withdrawn.

More from Personal Finance:
‘Risky behaviors’ are causing credit scores to level off
4 key year-end moves to ‘control your tax reporting destiny’
Despite the uncertainty, experts say it’s a ‘great moment’

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Job security is always a concern when choosing a career, but some fields are more recession-proof than others. And while there’s no guarantee that any job will be immune to cutbacks or layoffs, some industries weather economic storms better than others.

One industry that tends to be recession-resistant is finance. After all, people will always need financial services, whether investing their money, taking out loans, or managing their taxes. And while the finance industry has seen its share of ups and downs over the years, it generally bounces back fairly quickly after a downturn.

If you’re considering a career in finance, you’re probably wondering what the best-paying jobs are. With this in mind, we’ve compiled a list of the highest-paying finance jobs for 2023.

12 Highest Paying Jobs in Finance

woman facing the camera while sitting at a desk with a laptop working in her job in finance

While many finance jobs pay well, the following 12 positions sit at or near the top of the pay scale

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Carvana (CVNA) shares spiraled Wednesday after the online car retailer’s biggest creditors reportedly signed an agreement to cooperate in potential restructuring negotiations as the company faces growing bankruptcy risk.

The company’s stock plunged nearly 43% on Wednesday.

Bloomberg News, citing people familiar with the matter, reported Tuesday that a group of Carvana’s 10 biggest lenders holding around $4 billion of the company’s unsecured debt have made a three-month pact to act together in the case of restructuring. Creditors’ names in the report include Apollo Global Management and PIMCO. (Disclosure: Apollo Global Management owns Yahoo.)

“Carvana is not involved in any cooperative agreement amongst bondholders and we will not be addressing any questions that arise from actions taken by such bondholders,” a spokesperson from Carvana said in a statement to Yahoo Finance. “Our message to our customers, shareholders, employees and other stakeholders remains clear: we are singularly focused on executing on

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