Author: Ken Mansell
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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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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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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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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…
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The end of tax depreciation schedules
I don’t know if the Quantity Surveyors have worked it out yet, but they have the most to lose from the changes to negative gearing that are currently being discussed. Labor is promising to remove negative gearing from all purchased buildings that are not new buildings from 1 July 2017. And the Government is considering…
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The Small Business Restructure Rollover is now before the Parliament!
Its almost law!!!! Under this Bill, from 1 July 2016, small businesses can roll-over “active assets” that are CGT assets, trading stock, revenue assets and depreciating assets as part of a genuine restructure of a small business from one entity to another. In Summary, here is how it works: Subdivision 328-G creates an optional roll-over…
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Interesting tax deductions…
From Ogden and Commissioner of Taxation (Taxation) [2016] AATA 32 (29 January 2016): MS HAMMOND: Okay. In that same income year you also claimed an amount of secretarial services? MR OGDEN: Yes. MS HAMMOND: $5,388. That’s a payment you allegedly paid your son, who was seven and a half, in the income year? MR OGDEN:…
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Tax “expenditures”
The yearly “tax expenditure statement” has been released (http://www.treasury.gov.au/PublicationsAndMedia/Publications/2016/TES-2015). What is a tax expenditure? Its a negative tax. Effectively it is a tax concession so that certain income is taxed less than the “norm”. For example, super is taxed at 15% generally, which is less than most marginal tax rates. So what are the big…
TaxRambling.com 