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FBT Planning Stuff Tax Policy

The end of salary packaging???

The Government has just released draft legislation in relation to the capping rules for exempt fringe benefits that can be provided by public hospitals, ambulance services, registered public benevolent institutions and registered health promotion charities. I should quickly say it is exactly as was announced on Budget night – from 1 April 2016 the total amount of […]

Categories
Cases Income Tax

Can I claim a deduction for travel to work?

NO! Well maybe No. The Full Federal Court in the John Holland Group case has concluded that the costs of certain travel for fly-in-fly-out employees travelling to work can be deductible (so if paid for by the employer there will be no FBT payable under the otherwise deductible rule). In this case the employees lived […]

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Article

Tax training rules

I know the idea of thinking about the best way to explain the tax system is not the first thought of the day for most people… But to start today… This is what I think should occur in every tax training event or tax training document. Here are my six tax training rules. 1. The […]

Categories
Income Tax Planning Idea Tax Policy

The negative gearing myth exposed

If we stopped negative gearing on 1 July 2015 it would reduce the budget deficits across the next four years by $2.94 billion. Sounds amazing… The budget deficits over the next four years are well over $80 billion combined! Can we please accept that proposed changes to super by the Opposition ($1.2 billion a year […]

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Income Tax Tax Policy

A fundamental change to Division 7A (stuck in a review for another year!?!?)

You can’t just say this and do nothing… The Government has FINALLY released the very long awaited post implementation review into Division 7A . This review started in 2012 and was to be the place where the Government, through the Board of Taxation, consider making Division 7A less painful. Specifically, in 2013 the Board were told […]

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Income Tax Tax Policy

Div 7A and UPEs – The Assistant Treasurer Chickens out

I will write more about the Board of Tax report on Division 7A tonight, but I just sent this to the Assistant Treasurer… I refer to your press release of today. We have been waiting for you to release the Board of Tax report on Division 7A since 2012 as we knew it would recommend […]