Category: Uncategorized
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Tax nerd test…
What section of the ITAA97 did you think of when you saw the Death Star (or Star Killer Base) explode? Yes, I thought about exactly the same section…
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Monday Ramblings – Is the sun setting on salary packaging?
When the FBT Assessment Act was introduced in 1986 the salary packaging industry was born. Before this there was the “general” rule that the value of benefits had to be included in an employee’s taxable income, but as this “general” rule was so vague, it was hard to specifically advise on salary packaging with certainty.…
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Monday Ramblings – 2021 Year-end tax planning idea and concerns
Lets see how many Mondays I do this for… After last year’s budget within a week many of the announcements were passed into law (in Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020) Two of the biggest changes were: To allow corporate tax entities with an aggregated turnover of less…
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Do I have to have already paid $1,500 to get $1,500?
The JobKeeper application comes out on Monday and there is still one big question… As the JobKeeper payment is “monthly in arrears”, do I have to have paid my employees $1,500 a fortnight to get the $1,500 JobKeeper payment from the ATO (effectively reimbursing me for all or some of the amount I have already…
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COVID-19 and working from home
I have worked from home for over a decade. and I have always claimed my 52 cents for every hour I work. But now all the rest of you have joined me on the short morning walk from the kitchen to the desk… you get 80 cents and hour and I am stuck with my…
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COVID-19 Self Employed, JobKeeper and using Structures
Sorry to spam you with COVID-19 stuff but a fact sheet just came out from the Treasury on the JobKeeper payments and those self employed people who use structures (partnerships, trusts and companies) and it has some strange things… but good things about . In summary it says (see pages 10 and 11 of the factsheet…
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JobKeeper payment in 10 minutes…
Ten minute video on COVID-19 and the JobKeeper payment… Enjoy And the source documents from the Treasury website
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Work Related Deductions & Substantiation
“I just have to have the documentation to prove my work related deductions.” Wrong. If you don’t have the substantiation you don’t have a deduction. Subsection 900-15(1) states… To claim a work expense as a deduction you need to pass two tests. The first is the normal deduction rules and the second is you have…
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A picture tells a thousand words…
If you look carefully you can find the amount those dodgy large corporate group dodge their tax affairs (illegally avoiding $2 billion in tax each year), but it is hard to see next to the ridiculously large amounts that small businesses (illegally avoiding $11.1 billion in tax each year – over 70% due to not…
TaxRambling.com 