Income Tax Legislation

A new”ish” CGT rollover

The Government has introduced Tax and Superannuation Laws Amendment (2014 Measures No. 6) Bill 2014 into the Parliament. Most of the amendments in this Bill will be of no consequence for the majority of taxpayers. However, as a part of making some changes to certain CGT rollovers, the Government has decided to rewrite them into […]

FBT Planning Idea Rulings

FBT and Public Hospitals

FBT exemptions are amazing ways to reward employees. And one of the most used FBT exemptions relates to employees of public hospital. These employees can receive up to $17,000 worth of grossed up benefits. What does grossed up mean? That there is no FBT payable if the value of the benefits, multiplied by the appropriate […]

Tax Policy

Tax policy without Parliament

In a media release the Finance Minister has announced he will be Implementing the Fuel Excise Indexation announced in the Budget, even though it looks like the government cannot get the amendment through the Senate. He will effectively tell the Commissioner of Taxation to raise the Fuel Excise rate and promise to get the law […]

Rulings Super

Super paid for the dead… Required by law???

What do you do regarding super payments if an employee dies? In ATO Interpretative Decision ATO ID 2014/31 the Commissioner considers whether you have SG obligations on salary and wages paid to an employee after they died. In this case the payment was made as the employer owed the employee salary for the last fortnight […]

Income Tax Planning Idea Planning Stuff

Capital losses and death… There still is some life in the losses

In relation to prior year net capital losses, if a deceased person had any unapplied net capital losses when they died, these can be taken into account in their final (date of death) return, but can’t be passed on to the beneficiary or legal personal representative to offset against any net capital gains. So the […]

FBT Planning Idea Planning Stuff Rulings

Religious Practitioners and Fringe Benefits

Believe it or not, I get asked this question all the time so to save you asking me… Section 57 of the Fringe Benefits Assessment Act 1986 includes an exemption from Fringe Benefits Tax on benefits for certain employees of religious institutions. Under this section, if a benefit is provided by a religious organisation to […]

Planning Idea Tax Policy

The end of Ireland as a global tax power…

In its most recent Budget, the Irish Government announced it would change its tax residence rules for companies – rules that have been used by thousands of multinationals to avoid tax. The residency rule currently are that a company is a tax resident where it has its central management and control, irrespective of where the […]

Income Tax Tax Policy

Non-residents entities trying to legally avoid lodging Aussie tax returns

I love working for North Asian entities. When the are looking to operate in another country (like Australia), they first ask the question “can we avoid having to pay tax and lodging tax returns in the other country?” They are also willing to change their practices to simplify tax outcomes – not reduce tax payable […]

Income Tax Planning Idea Planning Stuff

Employee Shares Schemes are back from 1 July 2015

Back in 2009 the previous Government put certain divisions of the big accounting and law firms out of business, generally called “executive remuneration”. But they need to get ready to go back to flogging their delayed tax income from 1 July 2015 as the new Government intends to reinstate one of their best ideas. In […]

Legislation Planning Idea Super

The ALMOST end of Excess Contributions Tax

In the last budget the Government announced the end of Excess Contributions Tax. The announcement was that, just like was already the case for excess concessional contributions, from 1 July 2013 if a taxpayer makes excess non concessional contributions, rather than assessing them with Excess Contributions Tax, the super fund could refund the excess amount. […]