Category: Planning Stuff
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The End of Salary Packaged Super
From 1 July 2017 I cannot understand why anyone would salary package super in addition to the 9.5% SG their employer is required to pay for them. Now I am not saying that it is not worth using up an employee’s entire $25,000 concessional cap (2017/18 cap amount), but I am saying you are crazy […]
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More on the Small Business Rollover
Yes I am way too excited about this… But the Commissioner has produced his first two bits of guidance on using this rollover. In the first he looks at the consequences of using the rollover. This is all pretty simple stuff (cost base transfer…) but the final example has the trick in it… Example 6 – […]
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Small Business Restructure Rollover and Stamp Duties
I have discussed this rollover before so if you have no idea what I am talking about have a look at these links first. The rollover is very broad, applying to CGT assets, revenue assets, trading stock and depreciable assets. But it does not cover all the taxes that may be rolled over under these […]
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The Small Business Restructure Rollover is now before the Parliament!
Its almost law!!!! Under this Bill, from 1 July 2016, small businesses can roll-over “active assets” that are CGT assets, trading stock, revenue assets and depreciating assets as part of a genuine restructure of a small business from one entity to another. In Summary, here is how it works: Subdivision 328-G creates an optional roll-over […]
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Innovation Tax Changes
Why does “innovation” have anything to do with tax changes? In the Government’s Innovation Statement most of the expenditure is making tax changes. Tax is a revenue raising device… Not a method to change people’s actions. When you use tax policy to do anything other than raise revenue you get bad policy. But here are […]
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Newish Tax Concession For Farmers
The Government has released draft legislation that makes certain tax concessions available to farmers even better than they currently are. In the draft legislation, the Government proposes to make the following changes to the Farm Managed Deposit scheme (and a reminder for those city slickers, the FMD scheme allows farmers to claim a tax deduction […]
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And so there is another scheme to avoid Division 7A
A few weeks after 4 December 1997 I was told about my first Division 7A avoidance idea. And by mid 2008 the first amendment to Division 7A came about to undo this idea (the old section 109UB to stop trusts loaning corporate UPEs to owners). Since then I have been asked lots of times to […]
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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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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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The end of salary packaging???
The Government has just released draft legislation in relation to the capping rules for exempt fringe benefits that can be provided by public hospitals, ambulance services, registered public benevolent institutions and registered health promotion charities. I should quickly say it is exactly as was announced on Budget night – from 1 April 2016 the total amount of […]
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