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Budget

Pre Budget Submission – Read the Board of Tax report on Div 7A

I don’t generally get excited about pre budget submissions as I have not seen many ideas taken up in the Budgets (consult so you can say you consulted rather than looking for ideas) but I did write a very short submission this year. Pre Budget Submission Respond to the recommendations of the Board of Taxation report […]

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Budget Income Tax Planning Idea Planning Stuff Tax Policy

More Wow!

I was thinking about yesterday’s post and I have a strange thought. If I have a CGT asset owned by a company I am not going to get the CGT discount. But if I use the rollover from yesterday’s post to move the CGT asset to a trust and sell it the next day I […]

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Budget Income Tax Legislation Planning Idea Planning Stuff

Wow! I mean wow!!! Like wow!!!

In the May budget the government promised a new rollover for small businesses that allowed them to change their structure without (federal) tax effects. The Treasury has released a draft of this rollover and it is amazing. Listen to this… You can roll small business assets into a new structure if ultimate economic ownership of the […]

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Budget Tax Policy

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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Budget

Budget 2014/15 – Tax and Super announcements

Yes… I got it wrong… The first Budget of the current government is pretty much as expected on a tax and superannuation front. The big news, which we already knew about, is that the Government will introduce a three-year levy, called the Temporary Budget Repair Levy from 1 July 2014. The Temporary Budget Repair Levy will apply at a rate of 2% on individuals’ taxable […]

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Budget

Budget lotto

Having worked as a lobbyist for the Institute of Chartered Accountants (the exact title was a tax specialist) and in the office of the Assistant Treasurer under the previous Government, I am supposed to have my inside information on what will happen on Tuesday night… But my imaginary inside mole has forgotten to email me […]

Categories
Budget

Put my budget money where my budget mouth is…

If you have been reading this blog (poor you) you will have noticed I am pretty sure the Australian public finances are pretty sad and need fixing (and if you don’t please don’t say “we have a triple A rating” as all this means we are likely to pay back our 20 year bonds issued […]