Category: Uncategorized
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There is no connection between these two at all
I am sure there is no connection between these two events at all… California is going to impose a 0.4% tax on residents with a worldwide net worth in excess of $30,000,000. The proposed tax applies to anyone spending as little as 60 days in California. Finally, it continues to apply for 10 years after…
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Lucky we live in Australia & not the US…
Joe Biden is will become the 46th President next week. While many of his policies are vague, tax is not one of them. And with the Democrats having control of Congress it is likely all these changes will be made… Imagine having to advise your clients about these changes… The highest marginal tax rate (kicking…
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The Treasury and the real world – Instant asset write-off stuff up
We all know that on budget night we got an instant asset write off – for most of our clients with aggregated turnovers under $50 million, new and second hand assets of any value can be immediately written off (between $50 million and $5 billion only can write off new assets). But we quickly realised…
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Use tax to make people pay child support
In Australia (and the UK and most developed economies) when one party to a child support arrangement pays another party a child support payment, the payment is non-assessable/non-deductible. Effectively, the payer gets no tax deduction and the payee does not include it in their taxable income… But not everywhere… In the Solomon Islands Income Tax…
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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…
