Monthly Archives: September 2014

More proof that journalists are lobbyists

In the fairfax papers today is another “big companies should pay more tax” article. And like most of these articles, it is just rubbish. The article states that ASX listed companies have tax rates at less than 30% – even … Continue reading

Posted in Income Tax, Tax Policy | 1 Comment

Using imputations credits in an entity that does not have retained earnings

I have been asked a few times about using imputations credits in an entity that does not have retained earnings. Well there are a series of ways to do this. What people often try to do in the small end … Continue reading

Posted in Income Tax, Legislation, Planning Idea, Rulings | Leave a comment

Can a new company pay a fully franked dividend in its first year?

A question I get asked regularly is can a new company pay a fully franked dividend in its first year, even if it has never paid a tax bill yet as it has not yet lodged its first tax return … Continue reading

Posted in Income Tax, Planning Idea | 2 Comments

“Excess GST”, “passed on”, “reimbursed”…

One of the best amendments to the GST Act ever was inserting a new Division, Division 142. This Division applies to tax periods starting on or after 31 May 2014. The object of Division 142 is to ensure that excess … Continue reading

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Employee Share Schemes – 4 simple rules…

The Commissioner has released a draft taxation determination on employee share schemes. While this draft determination relates a to employees who get a beneficial interest in a share subject to shareholder approval (this does not come within the employee share … Continue reading

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Gardening leave and personal services income

I never thought I would read the term “gardening leave” in a tax ruling but it is the main issue in draft taxation determination TD 2014/D15. The issue is whether the payment you get while you are on gardening leave … Continue reading

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Am I cool if I say Bitcoin?

I live in a town of less than 400,000 people and I just saw a Bitcoin ATM. I don’t know who to use it but how cool am I for living near a Bitcoin ATM… The Commissioner also is cool … Continue reading

Posted in Funny Stuff, GST, Income Tax, Rulings | Leave a comment