Author: Ken Mansell
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“Buy our properties in an SMSF”
Very interesting… In a Media Release, ASIC has announced that it has commenced proceedings to prevent a property investment promoter from promoting the use of Self Managed Super Funds to purchase investment properties. ASIC claims to have evidence of where this entity has given advice to set up an SMSF to hold the rental property to over 500 people……
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Gloxina GST idea is now 110% dead…
Following the 2010 Gloxina case I have had a lot of people tell me they have a great way to avoid developers having to charge GST on the new residential premises they build. You have heard the same line… Well can I just say it is now 110% dead. You would think that the Government…
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The end of tax policy?
Bill Shorten today said what is probably the worst tax policy statement I have ever heard… “If Tony Abbott wants to increase taxes – be it petrol, be it GST – he should take it to an election,”… If this becomes the political norm then revenue/taxation policy discussions can only occur once every three years,…
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A new”ish” CGT rollover
The Government has introduced Tax and Superannuation Laws Amendment (2014 Measures No. 6) Bill 2014 into the Parliament. Most of the amendments in this Bill will be of no consequence for the majority of taxpayers. However, as a part of making some changes to certain CGT rollovers, the Government has decided to rewrite them into…
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FBT and Public Hospitals
FBT exemptions are amazing ways to reward employees. And one of the most used FBT exemptions relates to employees of public hospital. These employees can receive up to $17,000 worth of grossed up benefits. What does grossed up mean? That there is no FBT payable if the value of the benefits, multiplied by the appropriate…
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Tax policy without Parliament
In a media release the Finance Minister has announced he will be Implementing the Fuel Excise Indexation announced in the Budget, even though it looks like the government cannot get the amendment through the Senate. He will effectively tell the Commissioner of Taxation to raise the Fuel Excise rate and promise to get the law…
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Super paid for the dead… Required by law???
What do you do regarding super payments if an employee dies? In ATO Interpretative Decision ATO ID 2014/31 the Commissioner considers whether you have SG obligations on salary and wages paid to an employee after they died. In this case the payment was made as the employer owed the employee salary for the last fortnight…
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Capital losses and death… There still is some life in the losses
In relation to prior year net capital losses, if a deceased person had any unapplied net capital losses when they died, these can be taken into account in their final (date of death) return, but can’t be passed on to the beneficiary or legal personal representative to offset against any net capital gains. So the…
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Religious Practitioners and Fringe Benefits
Believe it or not, I get asked this question all the time so to save you asking me… Section 57 of the Fringe Benefits Assessment Act 1986 includes an exemption from Fringe Benefits Tax on benefits for certain employees of religious institutions. Under this section, if a benefit is provided by a religious organisation to…
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The end of Ireland as a global tax power…
In its most recent Budget, the Irish Government announced it would change its tax residence rules for companies – rules that have been used by thousands of multinationals to avoid tax. The residency rule currently are that a company is a tax resident where it has its central management and control, irrespective of where the…
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