Category: Uncategorized
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Buying listed shares in a company?
I know, I know… This is a stupid idea as you lose the CGT discount… But remember that the discount could be 25%, not 50%, if there is a change in Government in May. And the highest marginal tax rate goes to 49% if there is a change in Government. And some companies will have…
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If I don’t exist you can’t tax me…
In country Victoria, when they get caught for not lodging tax returns, they try (and fail) to avoid having to do so by arguing they do not exist. Has he ever heard of “Cogito, ergo sum” (I think therefore I am) from René Descartes. Maybe he should have said “Cogito ergo uectigalis” (I think therefore…
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Proving deductions for home office expenses, mobile phones and internet
Sometimes it is good to remember the basics, especially when the Commissioner is focusing on it. So lets go back to 2001 and have a look at one of my favourite Practice Statements – Practice Statement Law Administration PS LA 2001/6 Verification approaches for home office running expenses and and electronic device expenses. What I like the most…
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Avoiding tax can lead to a longer life?
Go to Wikipedia and look at the list of the verified oldest people and coming in first is Jeanne Calment, who it is claimed was born on 21 February 1875 and passed away on 4 August 1997 at the ripe old age of 122 years, 164 days. What was the secret of her long life?…
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A new way to get people to pay their tax and lodge their returns – don’t let them vote
I was reading the 24th Amendment of the United States Constitution on a Saturday night (doesn’t everyone read comparative international tax for a big night out on Saturdays?) and found that Congress and the states cannot stop people voting in elections if they have not paid “a poll tax or other types of tax”. Southern…
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An amnesty that is too late…
On 24 May 2018, the Government introduced the Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2018, proposing a Superannuation Guarantee Amnesty, so that if you let the Commissioner know of any unpaid super all the way back to 1992, and make the payment by 23 May 2019, the payment will be deductible and the…
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SMSFs and Non-Arms Length Expenses
The Commissioner has released a draft Ruling (LCR 2018/D10 Non-arm’s length income – expenditure incurred under a non-arm’s length arrangement) on the proposed amendments to section 295-550 so that the non arms length income rules for super funds will apply to a scheme where a superannuation entity incurs non-arm’s length expenditure, or where expenditure is…
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Can Australia fix its public finances if those evil big businesses paid their fair share of tax?
I doubt there are any, but if there are any regular readers of this crazy blog, they will know I have for many years screamed at the argument that Australia can fix its public finances if only those evil big businesses paid their fair share of tax. And yes, I have been gloating that this…
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A paper on the proposed changes to Division 7A
If you want more analysis of the Treasury’s proposed changes to Division 7A in its October 2018 paper, and lots of complaints about how they have handled the process and the outcomes, I have written a paper on it that can be downloaded by clicking on the link below. Enjoy. Division 7A to change
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Division 7A – Changes, changes and more changes proposed to start from 1 July 2019
The Government has promised a series of changes to Division 7A and we have finally got an idea of what these changes will be. Remember this is just a discussion paper, but I am confident these all will occur. Change 1 – Simplified Loans The biggest change is that the current 7 year and 25…
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