Author: Ken Mansell
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Super gets an indexation boost
Its time to relearn your super rules… From 2014/15 the concessional contribution cap will increased for the first time to $30,000. So remember that in the 2014/15 year there will be a $35,000 cap for those aged 49 years or over on 30 June 2014, and a $30,000 cap for everyone else. As a result the non-concessional…
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Project DO IT – Marketing at its best
The Commissioner’s marketing genius’ has put their heads together to come up with the best way to close down overseas tax havens – with a catchy slogan! In “Project Do IT”, or Project disclose offshore income today, the Commissioner is providing a “last chance opportunity” for those who have not declared their overseas assets and…
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UPEs and Division 7A…
Another discussion paper on how to solve the problem of UPEs and Division 7A has been released… And it is very very interesting. This discussion paper is by the Board of Taxation. And they suggest that a UPE to a corporate beneficiary should be excluded from Division 7A. But if you want a trust that…
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Increased tax rate starts now
Remember that from 1 July 2014 the Medicare Levy goes to 2% (from 1.5%) so the marginal tax rates all go up. And remember we are doing this to afford the NDIS… Raising $3.3 billion a year to “afford” a $9-14 billion a year program… Thanks greatest Treasurer in the world… But you don’t have…
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Why worry about what is important when you can focus on the irrelevant?
Late last year the government indicated it was not going to continue with more than 60 “announced but unenacted” tax and super measures. But it is hard to keep people (and especially tax lobbyists) happy. Even while they applauded this announcement they started to scream… “But what if taxpayers have acted on these announced changes.”…
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Luxury Cars and Hire Purchases
We now have a final ruling that is exactly like the draft – LCTD 2014/1 – so have a read about the draft
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Tax avoidance history…
In 1660 there was a tax on fireplaces in England. So everyone covered up their fireplaces and the tax was repealed in 1689. In 1696 there was a tax on the number of window a house had in England. So houses had less windows and the tax was repealed in 1851 (people argued less windows…
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Clearing the Tax and Super Decks
Apart from the changes in the Mining Tax and Carbon Tax repeal bills (small business instant asset write off, carry back losses…), and the promise to remove the means testing of the private health insurance offset, the government only has a series of promises to do certain things the previous government announced. There are 37…
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Employee Benefit Trusts And “Deep Throat”
Many years ago I received a call from a very junior ABC journalist (her career has very much blossomed since the and she is now a household name). We met in a meeting room where I worked an she provided me with two private rulings – both about employee benefit trusts. The first was a…
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The purpose of Dividend Access Shares
I have been asked for as long as I have been working in tax about dividend access shares. I have lots of profits in company but the shares are owned by high taxed individuals. Sell the shares? But there is a whopping huge uncrystalised capital gains on the shares so this does not work. So…
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