Author: Ken Mansell
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Greece Taxes And Pools
In Greece, if you own a pool of over 25 meters squared under the tax law you are required to add an amount to your assessable income of sometimes close to 20,000 euros. The policy is designed to be both a luxury tax and an acknowledgement that you must have paid for the pool from…
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The end of salary packaging???
The Government has just released draft legislation in relation to the capping rules for exempt fringe benefits that can be provided by public hospitals, ambulance services, registered public benevolent institutions and registered health promotion charities. I should quickly say it is exactly as was announced on Budget night – from 1 April 2016 the total amount of…
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Can I claim a deduction for travel to work?
NO! Well maybe No. The Full Federal Court in the John Holland Group case has concluded that the costs of certain travel for fly-in-fly-out employees travelling to work can be deductible (so if paid for by the employer there will be no FBT payable under the otherwise deductible rule). In this case the employees lived…
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Tax training rules
I know the idea of thinking about the best way to explain the tax system is not the first thought of the day for most people… But to start today… This is what I think should occur in every tax training event or tax training document. Here are my six tax training rules. 1. The…
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The negative gearing myth exposed
If we stopped negative gearing on 1 July 2015 it would reduce the budget deficits across the next four years by $2.94 billion. Sounds amazing… The budget deficits over the next four years are well over $80 billion combined! Can we please accept that proposed changes to super by the Opposition ($1.2 billion a year…
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A fundamental change to Division 7A (stuck in a review for another year!?!?)
You can’t just say this and do nothing… The Government has FINALLY released the very long awaited post implementation review into Division 7A . This review started in 2012 and was to be the place where the Government, through the Board of Taxation, consider making Division 7A less painful. Specifically, in 2013 the Board were told…
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Div 7A and UPEs – The Assistant Treasurer Chickens out
I will write more about the Board of Tax report on Division 7A tonight, but I just sent this to the Assistant Treasurer… I refer to your press release of today. We have been waiting for you to release the Board of Tax report on Division 7A since 2012 as we knew it would recommend…
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What is coming in the budget? Budget lotto 2015
After failing so badly guessing what was in the budget last year it is time to have another go. So what is coming in next Tuesdays budget: 1. No changes to super at all. To differentiate them from the opposition. 2. A 2% reduction in the company tax rate for small business (>$5 million taxable…
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Using super for tax planning is getting dangerous…
The super system has a legislated sole purpose, and it is not there fpr the purpose of minimising tax or achieving business succession or … It is just to provide retirement income. And everytime you think about using a super fund, with all its tax benefits, for anything other than providing for retirement be aware…
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Unfortunate facts for those who want more tax from multinationals
I once worked for one of these multinationals. It was a US Company with a direct investment in Australia. The US company charged the Australian subsidiary management fees for head office costs, legal, finance… We were subject to a transfer pricing review by the ATO and at the same time the IRS in the US subjected…
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