Funny Stuff

Policy all at sea…

Have you heard about the Seafarers Tax Offset… Probably not… This is a 30% refundable tax offset paid to companies that employ seafarers on the salary they pay their seafaring employees. It is effectively a promise to pay 30% of the salaries of these seafaring employees. Some bright spark thought this would “stimulate opportunities for […]

Income Tax Legislation

Instant Asset Write Off Clarity – Successful negotiation with a PUP

I know I should wait until the Bill goes back to the House of Reps this evening to confirm the Senate amendments before writing this post but… From 1 January 2014 (installed ready for use from this date) the instant asset write off for small businesses is $1,000 (down from $6,500). Also, there is no […]

Income Tax Part IVA Planning Idea Planning Stuff

Partnerships of Discretionary Trusts on the nose…

Late last year the Commissioner released a Taxpayer Alert on the use of partnerships of discretionary trust by professional practices to avoid tax. In the Taxpayer Alert late last year the Commissioner stated that he was concerned that the dominant purpose for setting up a partnership of discretionary trusts for a professional practice was to […]