Categories
Tax Policy

Tax changes still outstanding… Not much left

According to my count there are only 23 changes to the tax and super system left for the government to do to have completed all of the outstanding announcements. And most of these 23 are BORING… Number one is to get the mining tax, and the associated tax concessions, through at attempt two. There are […]

Categories
Income Tax Legislation

$6,500 Immediate asset write-off stays – until 25 August

The mining tax is not repealed!!! The Senate has voted to keep its amendments which say you can get rid of the mining tax but all the concessions that mining tax was supposed to fund have to stay… No tax in and lots of payments out… And the next sitting date in 25 August. So […]

Categories
Funny Stuff Income Tax

All animals are equal, just some are more equal than others..

The Commissioner of Taxation has just written to some of its staff. The letter states that the staff may get a shock when they get their payment summaries. You see, like almost every employer in Australia, the Commissioner pays allowances while employees are travelling. We all know that the amount we pay is the Commissioner’s […]

Categories
Income Tax Legislation

Immediate Asset Write-Off Mark 2

I take it all back!!! Clive Palmer has just announced the instant asset write off of $6,500 stays or he wont support the repeal of the Mining Tax… Without his three Senators the proposed reduction to the instant asset write-off for small businesses will not happen and so this write-off will stay at $6,500… And […]

Categories
Funny Stuff

Weird Taxes #345

In the 1st century AD, there was a specific tax on… urine. The urine from public urinals was sold to laundries. And each buyer had to pay a tax based on the volume purchased… A urine GST.

Categories
Funny Stuff Tax Policy

What the Federal Government spends your taxes on…

So if you earn a bit over $80k in a year you end up paying about $20k in tax – this includes the medicare levy as it should as hypothecated revenue (being revenue collected for specific expenditure) cannot occur under our Constitution so lets just call the medicare levy additional income tax… But what does […]