Author: Ken Mansell
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Electric Vehicles exemption from FBT – even if salary packaged
The new Government has introduced a Bill that states that employers are exempt from FBT for car fringe benefits involving cars that are eligible zero or low emissions vehicles made available to employees. To be eligible for the exemption the value of the car at the first retail sale must be below the luxury car […]
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Crypto not taxed as foreign currency
We just got our first tax announcement from the new Labor Government. The Treasurer, in a media release, stated that crypto currencies will continue to be excluded from foreign currency tax arrangements under this Government and capital gains tax will continue to apply to crypto assets that are held as investments. This treatment will be […]
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NSW stamp duty v new “annual land tax”
We are going to get asked the question so we need a spreadsheet. But of course to do the calculation we need to know the purchase price (to work out the stamp duty), whether it is an owner occupier (higher land tax rates for investment properties), the Unimproved Land Value (ULV), the estimated percentage growth […]
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Trust distributions and 100A – A minor update
As the Commissioner could not get his section 100A rulings ready by 30 June, he has instead put out a very short summary of what we can and can’t do for this 30 June… According to this short document, what can we definitely do and be sure the Commissioner wont apply section 100A? What does […]
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Not sure what the ATO’s marketing and communication’s budget is, but it is obviously money well spent!
“You wouldn’t double dip your chip, so don’t double dip your deductions” Mr Loh said.
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FBT On pets…
According to Assistant Commissioner Michelle Allen “We’ve even heard of an employer providing their employees with pets to keep them company while they work at home!” As a result she is “urging employers that have provided their employees with fringe benefits to consider their fringe benefits tax (FBT) obligations”. Don’t say I did not warn […]
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Stop using tax policies to fix problems – like marriages…
I recently blogged about how stupid it is to give an FBT exemption for electric cars… but Ken, don’t you want to save the environment? Its not about saving the environment, its that every time Governments use the tax system to solve a problem it backfires as it just becomes a handout (like the electric […]
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Labor will make electric cars exempt from FBT – start salary packaging your electric car… if you can afford one
Labor just announce a tax windfall for the rich that every wealth person would be foolish not to take up… those who can afford to buy an electric car (the cheapest electric car in Australia is $45,000 and most are over $60,000) will be able to salary package it and pay NO FBT AT ALL […]
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Go get a left handed screwdriver and checked paint – Deductions for COVID tests
The Government just introduced a bill to allow deductions for certain expenses by individuals on COVID tests, and I feel sorry for the person who had to write it. Remember before this change, if an individual wants to claim a deduction for an expense they need to find a specific deduction provision or use the […]
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Biden proposes “Billionaires tax’ that applies to people worth over $100 million… Americans and their maths!
At the same time that the Australian Government provided a Yawn Budget, the President of the US released his budget. His is much more interesting, especially as there is no way it will ever become law so he can pretty much say anything. Other than promising over $850 billion for defence (substantially more than all […]
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