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Tax stats

The 2013/14 Taxation Statistics are out… My favourite part so far… So if you earn more than $80,000 you are in the top 19.5% of people who earn anything (excludes kids and other who don’t have to lodge tax returns like those just on a pension…). if you earn more than $180,000 you are in […]

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The Commissioner gets a new discretion

The Commissioner has a series of discretions. For example the Commissioner can decide not to apply the non-commercial losses provisions (section 35-55) or not to apply excess contributions tax (section 292-465). But while he can exercise these discretions he almost never does (and I pretty much only said “almost never” in this sentence as I […]

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Collecting points in the Tax Act…

I have to start by telling you I am not making this up. Today the Government released the Bill for the “innovation” changes announced last year. in the Bill, called the Tax Laws Amendment (Tax Incentives for Innovation) Bill 2016, and in this Bill are some amazing concessions for investors in certain companies. These investors in […]

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What changes are coming in tax and super?

Now that the Prime Minister has stated that the Budget “will be, for all practical purposes, the White Paper” in a radio interview, we can put the idea of a radical rethink of the tax system in the too hard basket. So in May we get to compare the less than comprehensive tax policies of […]

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Fairfax just can’t get tax…

Here they go again… Labor drew up a comprehensive suite of tax measures, including increasing taxes on cigarettes, multinational firms, superannuation and investment housing. So according to a “senior economics writer for Fairfax Media”, a “comprehensive suite” of tax measures is: Increaing the excise on one product; Make a change to thin capitalisation safe harbours; […]

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Negative Gearing, the 50% discount and the ALP

Just a quick note on the ALP’s policy on removing negative gearing… The Opposition has announced they will limit negative gearing to new housing from 1 July 2017. From the announcement it appears the losses from negative geared properties that are not new properties will not be able to be offset against any salary and […]

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Rulings

Are ATOIDs over?

On the 28th of November the Commissioner released two ATO Interpretative Decisions on non arms length income and limited recourse borrowing arrangements… And since that date, no more ATOIDs. Strange. ATOIDs arose to fill in a gap between public rulings and private rulings. What if a complex tax issue is not covered in a public […]

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Income Tax Legislation Planning Idea Planning Stuff

Small Business Restructure Rollover and Stamp Duties

I have discussed this rollover before so if you have no idea what I am talking about have a look at these links first. The rollover is very broad, applying to CGT assets, revenue assets, trading stock and depreciable assets. But it does not cover all the taxes that may be rolled over under these […]

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Income Tax Legislation Tax Policy

Property transactions and clearance certificates

The Tax and Superannuation Laws Amendment (2015 Measures No 6) Bill 2015 is now law (just awaiting Royal Assent). I don’t like it at all… But we now need to understand that from 1 July 2016 a purchaser of certain CGT assets, being asset valued at $2 million or more that are taxable Australian real property or […]