Category: Income Tax
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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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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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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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Is there massive corporate tax avoidance?
Following the most stupid report ever written by the Tax Justice Network, the parliament has decided to review our corporate tax system. Having worked for some of these “evil” ASX listed companies, both internally and externally, I have never seen one of these companies bend the law without getting a ruling from the Commissioner first.…
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Data matching gets all big brother
The Commissioner has announced another data matching program, but this is one is a bit different. The Australian Taxation Office will acquire details of entities from State and Territory motor vehicle registries for the 2013-2014, 2014-2015 and 2015-2016 financial years. And with these 2 million records (they are only looking at cars greater than $10,000…
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Tax Impediments Facing Small Business…
The Board of Tax report on Tax Impediments Facing Small Business has been made public. This report, and the Government’s response make some interesting reading. What do you think about: “Based on an analysis of business population data, the Board recommends that the small business entity turnover threshold be increased to at least $3 million and investigate the feasibility…
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The biggest share data match ever…
The Commissioner has announced the largest data-matching program regarding details of share transactions from share registries for the period 20 September 1985 to 30 June 2016. That is right, from 20 September 1985! Over 95 million records and 1.2 million individuals … He is looking for: Identify tax returns that may not include accurate information relating to the disposal of…
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Start up Employee share scheme just got fun….
We have blogged about this before but we now have some draft legislation that will make 1 July 2015 lots of fun for advice to start up companies. While this draft legislation makes other changes as well**, this will also make remunerating certain employers lots of fun. These Start up companies will be able to…
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Rental property mistakes…
The Commissioner has let us know some of the common errors they find in returns with rental properties. And it is quite a list: – Stamp duty on the transfer of property. Unless you live in the ACT this is a component of the cost base. – Other expenses that should be in cost base…
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Why wont people prepare their own return?
In the 2012 year there were 12.7 individual tax returns lodged with the ATO. 9.2 million of these were lodged by tax agents. Given that just over a quarter of all of these individual returns were nil tax payable, this means that tax agents lodged about 6.9 million “tax payable” tax returns. An uncomfortable aside…
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