Author: Ken Mansell
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Please Fairfax, think…
Once again Fairfax journalists are showing how little they know about tax. Recently, the master of the tax mistake, Michael West, wrote about some recent tax amendments that have been blocked in the Parliament… The second is an amendment to compel multinational companies to file, as do their Australian-listed peers, proper financial statements, and not…
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Tax Depreciation Myths
There is a field of study that shows that you cannot teach an adult anything that is contrary to their current opinion without first challenging or disproving their current opinion. I recently had an email war with a preparer of tax depreciation schedules about what you can claim Division 43 on… either the historic construction costs…
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FPA Congress Paper
I can’t be bothered carrying hundreds of copies of my paper for tomorrow’s presentation at the annual FPA Congress up to Brisbane… So attached is the paper for delegates (and anyone else with an internet connection) to download. Enjoy (But you have to be at the session to listen to my not very funny jokes…)…
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And so there is another scheme to avoid Division 7A
A few weeks after 4 December 1997 I was told about my first Division 7A avoidance idea. And by mid 2008 the first amendment to Division 7A came about to undo this idea (the old section 109UB to stop trusts loaning corporate UPEs to owners). Since then I have been asked lots of times to…
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More Wow!
I was thinking about yesterday’s post and I have a strange thought. If I have a CGT asset owned by a company I am not going to get the CGT discount. But if I use the rollover from yesterday’s post to move the CGT asset to a trust and sell it the next day I…
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Wow! I mean wow!!! Like wow!!!
In the May budget the government promised a new rollover for small businesses that allowed them to change their structure without (federal) tax effects. The Treasury has released a draft of this rollover and it is amazing. Listen to this… You can roll small business assets into a new structure if ultimate economic ownership of the…
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Its got nothing to do with tax but these numbers do my head in…
According to a recent report… You need to have wealth (house, car, super… Less debts) of $4,400AUD to be in the top 50% of the world’s adults by wealth. To get in the top 10% of the world’s adults by wealth you need to have $94,000AUD in assets. To be a part of the 1%,…
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Why am I defending Malcolm?
As anyone who knows me knows, my political leanings are to the left (Chris Bowen for PM with Andrew Leigh as Treasurer). But I want to kick the Labor party, and especially Senator Sam, for their unprincipled “Cayman Island” tax attack on the Prime Minister. While coaching Little Athletics today I hear a Dad say…
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Volumetric taxation
Estimates of the effective rates on excisable products in 2014–15 range from as low as $1.71 per litre of alcohol for low-strength non-commercial beer to $79.38 per litre of alcohol for spirits and ready-to-drink beverages. Estimates of the effective rates for wine range from $2.99 per litre of alcohol for a $15 four-litre cask through…
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Tax weirdness Down Under
I was recently asked by the Institute of Chartered Accountants in Scotland about weird taxes in Australia… And here was my response The seafarer’s tax offset This little present by the previous Labor government to the Maritime Union allows those who employ seafarers a 30% tax offset for the salaries they pay. The rationale for…
TaxRambling.com 