Category Archives: Legislation

The ALMOST end of Excess Contributions Tax

In the last budget the Government announced the end of Excess Contributions Tax. The announcement was that, just like was already the case for excess concessional contributions, from 1 July 2013 if a taxpayer makes excess non concessional contributions, rather … Continue reading

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Using imputations credits in an entity that does not have retained earnings

I have been asked a few times about using imputations credits in an entity that does not have retained earnings. Well there are a series of ways to do this. What people often try to do in the small end … Continue reading

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“Excess GST”, “passed on”, “reimbursed”…

One of the best amendments to the GST Act ever was inserting a new Division, Division 142. This Division applies to tax periods starting on or after 31 May 2014. The object of Division 142 is to ensure that excess … Continue reading

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Gardening leave and personal services income

I never thought I would read the term “gardening leave” in a tax ruling but it is the main issue in draft taxation determination TD 2014/D15. The issue is whether the payment you get while you are on gardening leave … Continue reading

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Instant Asset Write Off Clarity – Successful negotiation with a PUP

I know I should wait until the Bill goes back to the House of Reps this evening to confirm the Senate amendments before writing this post but… From 1 January 2014 (installed ready for use from this date) the instant … Continue reading

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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 … Continue reading

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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The mining tax is not repealed!!!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 … Continue reading

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