Month: May 2018
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The R&D Tax Incentive is cut by half
In the Budget we got the following announcement… From 1 July 2018, companies with turnover of $20 million or more, the rate of the R&D tax offset will depend on the R&D expenditure as a proportion of total expenditure for the year. The current rate for these entities is 38.5%. As the company tax rate […]
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Remember that if you don’t like this budget there is an alternative… The Opposition…
The facts… A taxpayer has a discretionary trust and the trust owns a share in a company that runs an accounting practice. The taxpayer is paid a salary of $250,000 for his work in the accounting practice. The profits of the company are paid to the discretionary trust and are generally around $60,000 but this […]
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Beer, Tax Cuts and Fairness
Sent this into a newspaper that will be screaming about unfair tax cuts tomorrow. Let’s see if they publish it. UPDATE… They did (it’s near the bottom of the page – https://www.canberratimes.com.au/national/act/roos-are-a-capital-asset-20180509-p4zecz.html) Five men decided to split the $100 beer tab based what they earn (one in each 20% grouping based on income) and on […]
TaxRambling.com 