TaxRambling.com

The Rants of a Tax Nerd

You have arrived at…

A home for tax nerds.

Hi, I’m Ken. Being a stay at home Dad to two amazing boys and one awesome wife is wonderful, but it does keep me away from my fourth love – TAX. So here I write on what is happening in tax that excites me, and hopefully it will excite you as well…

Budget 2023

Another Budget and before the Treasurer has finished his speech, we have finished reading the budget papers and know that almost every change to tax and super was announced before Budget night. But there were three main announcements that we were not aware of:  $20k instant asset write-off for small businesses (under $10m aggregate turnover)…

Wait till 1 July 2023 to act on efficiencies in your business

The Treasurer has announced is first budget leak… The Small Business Energy Incentive. The 20% bonus tax deduction for businesses with annual turnover of less than $50 million applies to spending that supports electrification and more efficient use of energy. This could cover the cost of electrifying heating and cooling systems, upgrading to more efficient…

Dodgy Taxpayers

I just finished a conversation with another person who believes we can fund a myriad of new programs by “making large companies pay their fair share of tax”. I responded with the tax gap results, where the Commissioner of Taxation estimates how much unpaid tax exists. So here it is… The dodgiest is not a…

4.2 cents per km for electric cars

We know that SOME electric cars are exempt from FBT, but even if they are exempt, we still need to work out the taxable value so we can work out the reportable fringe benefit amount to put on a payment summary (yes, it is exempt but it is still reportable). And to work out the…

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