Author: Ken Mansell
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The Commissioner believes in drinking in moderation?
In Taxation Determination TD 2015/9 the Commissioner provides amounts that he will accept as estimates of the value of goods taken from trading stock for private use by taxpayers in named industries. This helps certain businesses estimate what trading stock has been “sold” outside the normal course of business (like eaten by the owners). So if you…
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Superphobia…
Do you have clients who want their money now? “I wont live long enough to get my super!” They want the whole 100% in their hand, not just 91.53% ($91.53 + (9.25% of $91.53) = $100)… Well maybe you can legally help them… In ATO interpretative decision ATOID 2015/9 the Commissioner considers whether there are SG obligations…
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Earnouts – the wait is over
A long, long time ago in a Tax Office far, far away… After waiting 6 and a half years the Treasury has finally drafted some legislation to fix up how capital gains tax concessions apply to earnouts. But just a quick reminder on the history of this issue… In October 2007 the then Commissioner of…
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How would I change negative gearing?
Simply I wouldn’t. But having worked in an office at Parliament House and in the Federal Treasury, sometimes you have to do things you don’t agree with. And it looks like someone is going to be told yo do this First, can we be clear there is no such part of the tax law that…
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Tax announcement everywhere…
I hope Chris Bowen is Prime Minister one day. Yes big call but he is measured and thoughtful and never ever in a rush. And he has now released a super tax policy. It is a good start… For those who will scream “wont we have thousands of more people on the pension if we…
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The Greens have a tax policy!!!
In the history of the Greens has there ever been a day they have made two tax announcements? Mark down 21 April. First, they have plans for small business tax. They are proposing: A 2% tax cut for small businesses Restoring and increasing the instant asset write-off threshold to $10,000 Restoring the loss carry-back provisions…
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What is happening at the Australia Institute?
This morning the head of the Australia Institute, Richard Dennis, tells us there is no other imputation systems in the world and we can save biiillliiioonnss by removing it. Wrong and wrong… But exactly what Fairfax journalist would love to print so he is a very good lobbyist. First, I assume he has never heard…
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I give up… Media and tax reform
To the Fairfax and ABC media screaming that corporates dont pay enough tax, here is a lesson that is pitched for those with limited desire to investigate – i.e. Journalists. Bill Pty Ltd runs a petrol station. He buys 2 million litres of fuel each year. He buys it at $1.50 and sells it at…
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Swings and tax roundabouts…
“Google should pay more tax in Australia. If their customers are in Australia, that is where they should pay tax…” So I was told today. My response… One of Australia’s biggest tax payer, Rio Tinto, sells 35% of its products to China but pays all its tax (almost all) in Australia. If you believe in…
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Common sense test… There is none at Fairfax…
In another weak attempt at understanding the tax system Fairfax are arguing we get rid of the tax system and replace it with a common sense test. They have tried every angle on why multinationals are naughty boys and failing at all of them, they are now arguing we should just use common sense at…
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