Category: Legislation
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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The mining tax is not repealed!!!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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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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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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Thin capitalisation is a thing of the past… For most
Thin capitalisation is one of those thing many of us learned to pass a tax exam, and have never thought of again. In summary (a very, very quick summary) if you decide to fund your Australian operation with lots of debt rather than equity, you might have to pay heaps of interest but the thin…
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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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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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Let us have a moment of silence for the GST advisors…
Since the introduction of the GST they (GST Advisors) have always been looking for a way to recover GST paid incorrectly. And the Holy Grail of this advice has always been how can we turn a supply of new residential premises into existing residential premises as this would increase the margin for the developer by…
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Luxury cars and hire purchase
Most luxury cars are financed in some way or another – although a car salesman friend of mine says a man wanted to buy his $80,000 BMW with cash, real notes. Maybe the car was still financed in some way (like mafia financed…). But this does beg a tax question? Does the luxury car tax…
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A quick lesson in statutory interpretation from the Commissioner…
I can’t believe I just wrote this heading given I just won an AAT case (they conceded) that trust beneficiaries are taxed on present entitlements and not payment… I am not kidding, they denied interest deductions for a year as there was no payment only a present entitlement. But in draft Taxation Ruling TR2013/D8 –…
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