Author: Ken Mansell
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Pre Budget Submission – Read the Board of Tax report on Div 7A
I don’t generally get excited about pre budget submissions as I have not seen many ideas taken up in the Budgets (consult so you can say you consulted rather than looking for ideas) but I did write a very short submission this year. Pre Budget Submission Respond to the recommendations of the Board of Taxation report…
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Fairfax at it again
The report will I think make it almost impossible politically for this government to sell its austerity program or its GST “reform” proposals. The mantra that Australia has a spending problem, not a revenue problem, looks hollow in the light of the low tax contribution from big business. And so Fairfax runs the same argument…
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Arrr, the Greens
The Greens have done it again. When you put out a press release titled “Axing just 4 unfair tax breaks would plug Budget revenue hole” you are going to get me excited. With a yearly budget deficit of $35-40 billion I was desperate to see what 4 tax breaks can raise this amount each year. But it…
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Innovation Tax Changes
Why does “innovation” have anything to do with tax changes? In the Government’s Innovation Statement most of the expenditure is making tax changes. Tax is a revenue raising device… Not a method to change people’s actions. When you use tax policy to do anything other than raise revenue you get bad policy. But here are…
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GST for non-residents made easy
It has been out for a while, but there is some draft law that proposes big changes to GST. The first part of the draft Tax Laws Amendment (GST treatment of Cross-Border Transactions) Bill is exactly as we expected… The government will impose GST on offshore intangible supplies to Australian consumers from 1 July 2017.…
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What are we waiting for…
Each December I try to wrap up the year with the tax promises that have not quite made it into law. While the list has VERY, VERY SLOWLY, getting shorter, there are still a number of measures that are yet to get in to the tax laws. And remember, after the last election, this Government…
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What a waste of time
It is stupid tax policy made worse… From 1 July 2016 there will be a 10% non-final withholding tax on payments made to foreign residents that dispose of certain property. The effect of this will be that where a foreign resident disposes of Australian property, the purchaser will be required to withhold and pay to…
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Newish Tax Concession For Farmers
The Government has released draft legislation that makes certain tax concessions available to farmers even better than they currently are. In the draft legislation, the Government proposes to make the following changes to the Farm Managed Deposit scheme (and a reminder for those city slickers, the FMD scheme allows farmers to claim a tax deduction…
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How do I fix up a large UPE
I know they are not as common since December 2009, but now that we are generally paying interest on new UPEs to corporate beneficiaries (as required under TR 2010/3) these UPEs can be a real pain. Especially if the trust that retains the cash that created the UPE is not making a lot of money and…
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Common property in blocks of units
So who owns the common property in a block of units, the strata trust or the owners. Legally it depends on the state legislation. However, in Taxation Ruling TR 2015/3 the Commissioner simplifies this 40. Each strata title legislation is different in its description of how common property is held. Notwithstanding these differences, the Commissioner…
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