Category: Uncategorized
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Work and Travel Deductions
Given that I have criticised for my recent comments on tax agent prepared returns making inappropriate claims for work related deductions, I decided to put a paper together on the work related deduction rules to help tax agents. I hope this paper is informative and helpful. Work and travel deductions
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Tax Agents Turning a Blind Eye…
We know that the Commissioner has released some pretty crazy findings that Tax Agent prepared returns are more likely to incorrectly claim work related deductions than self prepared returns. From the Commissioner’s review of the tax gap for individuals not in business he found the following: Tax agents get it wrong 78% of the time…
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What is the Company Tax Rate?
Now this should be an easy answer. So tell me what you think it is? I understand that it is a bit harder than it was now that there are two rates, being 30% and 27.5% (28.5% in the 2015/16 year). But can you tell me who gets the lower rate? Don’t worry if you…
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Dodgy workers (and their agents) cost us $8 billion every year
Do you know those evil multinational and large companies with all their high paid tax agents incorrectly avoid about $2.5 billion a year in tax. How evil are they, huh? Picking on the little, hard working guy, huh? Let’s just end that argument now as the Commissioner, the same guy who gave us the $2.5…
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The R&D Tax Incentive is cut by half
In the Budget we got the following announcement… From 1 July 2018, companies with turnover of $20 million or more, the rate of the R&D tax offset will depend on the R&D expenditure as a proportion of total expenditure for the year. The current rate for these entities is 38.5%. As the company tax rate…
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Remember that if you don’t like this budget there is an alternative… The Opposition…
The facts… A taxpayer has a discretionary trust and the trust owns a share in a company that runs an accounting practice. The taxpayer is paid a salary of $250,000 for his work in the accounting practice. The profits of the company are paid to the discretionary trust and are generally around $60,000 but this…
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Beer, Tax Cuts and Fairness
Sent this into a newspaper that will be screaming about unfair tax cuts tomorrow. Let’s see if they publish it. UPDATE… They did (it’s near the bottom of the page – https://www.canberratimes.com.au/national/act/roos-are-a-capital-asset-20180509-p4zecz.html) Five men decided to split the $100 beer tab based what they earn (one in each 20% grouping based on income) and on…
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Last sitting week of Parliament B4 the Budget..
So what tax laws are sitting in the Parliament for our hard working MPs to consider in the last sitting week before the May Budget? A bill that has been in the Parliament for 4 days less than a year that supplements the ‘same business test’ with a ‘similar business test’ and to provide taxpayers with…
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Is the Opposition just trying to kick SMSFs?
As I have commented on before, the Opposition has announced that if there is a change in the Government, they will stop almost all refunds of excess imputation credits. Resident individuals or super funds will still be able to use the imputation credits to reduce the tax they have to pay. However, if their tax…
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ALP Tax Policy for 2019 election
The ALP don’t appear to be scared to take some radical tax changes to the next election. Today they announced removing the ability to get excess imputation credits refunded… There will be some very unhappy SMSF and retirees (and charities) who get lots of cash each year from the ATO in the form of refunded…
TaxRambling.com 