Author: Ken Mansell
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Divorce and Division 7A
In Taxation Ruling TR 2014/5 the Commissioner confirms one of the most overlooked tax issues in marriage breakdowns. For example, if money or property is paid or transferred to a shareholder, if these payments are paid out of the private company profits, it will generally be an assessable dividend. In addition, money or property transferred…
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Tax changes still outstanding… Not much left
According to my count there are only 23 changes to the tax and super system left for the government to do to have completed all of the outstanding announcements. And most of these 23 are BORING… Number one is to get the mining tax, and the associated tax concessions, through at attempt two. There are…
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$6,500 Immediate asset write-off stays – until 25 August
The mining tax is not repealed!!! The Senate has voted to keep its amendments which say you can get rid of the mining tax but all the concessions that mining tax was supposed to fund have to stay… No tax in and lots of payments out… And the next sitting date in 25 August. So…
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All animals are equal, just some are more equal than others..
The Commissioner of Taxation has just written to some of its staff. The letter states that the staff may get a shock when they get their payment summaries. You see, like almost every employer in Australia, the Commissioner pays allowances while employees are travelling. We all know that the amount we pay is the Commissioner’s…
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Immediate Asset Write-Off Mark 2
I take it all back!!! Clive Palmer has just announced the instant asset write off of $6,500 stays or he wont support the repeal of the Mining Tax… Without his three Senators the proposed reduction to the instant asset write-off for small businesses will not happen and so this write-off will stay at $6,500… And…
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Weird Taxes #345
In the 1st century AD, there was a specific tax on… urine. The urine from public urinals was sold to laundries. And each buyer had to pay a tax based on the volume purchased… A urine GST.
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What the Federal Government spends your taxes on…
So if you earn a bit over $80k in a year you end up paying about $20k in tax – this includes the medicare levy as it should as hypothecated revenue (being revenue collected for specific expenditure) cannot occur under our Constitution so lets just call the medicare levy additional income tax… But what does…
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Rambling weekly round up
I just got asked what happened in tax last week that a practitioner should know about. How about: – Instant asset write off for small businesses back to $1,000 from 1 January 2014. And the $5,000 immediate depreciation for cars goes from the same date as well. – If you want to get a remission…
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Immediate Asset Write Off
I keep getting asked about the start date of the immediate asset write off reduction from $6.5k to $1k. People ask this because the first mining tax repeal bill had this measure applying from 1 January 2014 – but the bill was defeated in the Senate… But now some more clarity. In the MINERALS RESOURCE…
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$9 billion tax exempt entity…
I was going to complain about how sporting entities are tax exempt – at least some are tax exempt. I was going to compare cinemas to the AFL and wonder why one pays tax and one does not on its profits? I was going to wonder how having clauses in its governing document saying no…
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