Categories
Funny Stuff Tax Policy

Some people will find a way to complain…

This is a very good parable about how individual tax cuts will always have some people complaining… Every day, ten men go out for beer and the bill comes to $100. They pay their bill the way progressive taxes work. The poorest four pay nothing. The fifth pays $1. The sixth $3. The seventh $7. […]

Categories
Cases FBT

FBT and Canberra Airport – my vicarious victory

Many years ago I prepared to take the ATO to the AAT for a large entity on whether the car park at Canberra airport was a commercial car parking station. If it was, FBT was payable when employers provided parking at the airport for employees. The definition of commercial car parking station states that the […]

Categories
Funny Stuff Tax Policy

Stop saying the rich should pay more tax, just do it

I am over rich people talking about that the rich should pay more taxes. Its not that I don’t think it is a good or bad idea (I recommended it in my pre budget ideas) but before they start telling others what is the right and proper thing to do they should start doing it […]

Categories
Budget

Budget 2014/15 – Tax and Super announcements

Yes… I got it wrong… The first Budget of the current government is pretty much as expected on a tax and superannuation front. The big news, which we already knew about, is that the Government will introduce a three-year levy, called the Temporary Budget Repair Levy from 1 July 2014. The Temporary Budget Repair Levy will apply at a rate of 2% on individuals’ taxable […]

Categories
Budget

Budget lotto

Having worked as a lobbyist for the Institute of Chartered Accountants (the exact title was a tax specialist) and in the office of the Assistant Treasurer under the previous Government, I am supposed to have my inside information on what will happen on Tuesday night… But my imaginary inside mole has forgotten to email me […]

Categories
Income Tax Legislation Planning Idea

Thin capitalisation is a thing of the past… For most

Thin capitalisation is one of those thing many of us learned to pass a tax exam, and have never thought of again. In summary (a very, very quick summary) if you decide to fund your Australian operation with lots of debt rather than equity, you might have to pay heaps of interest but the thin […]

Categories
Tax Policy

Iphone your tax returns…

If you have always want to lodge your tax return through a smartphone, tablet or computer using their web browser you only have to wait till 1 July. From 1 July, the new “MyTax” website will allow certain taxpayers to review prefilled information before lodging their return. So who can use MyTax? – Australian residents […]