Category: Uncategorized
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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…
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Main Residence Exemption and Foreigners
Individuals who are foreign residents at the time a CGT event occurs to a dwelling (or for a compulsory acquisition a part of a dwelling) in which they have an ownership interest are not entitled to the CGT main residence exemption. The Bill making this change is before the Parliament (Treasury Laws Amendment (Reducing Pressure…
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New Residential Property and the prepayment of GST (10% or 7%)
The Bill introducing the “GST withholding” on new residential property is here. You can find it in Schedule 5 of the Treasury Laws Amendment (2018 Measures No. 1) Bill 2018. In summary… Where an entity (the supplier) makes a taxable supply of new residential premises or a subdivision of potential residential land by way of…
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SBCGT changes…
In the May budget there were some changes announced that relate to our favourite CGT concession, the Small Business CGT Concessions in Division 152. At the time I had no idea what these changes would be but now we know. The Government has released draft legislation to make these changes and they are designed to…
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Same sex marriage for tax avoidance
Two heterosexual Irish men marry to avoid inheritance tax on property… Perhaps in Australia we could see two heterosexual same sex “mates” getting married just before the death of one of them to avoid tax payable on a super death benefit by becoming a dependent as they are a spouse of the deceased, even if…
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FBT and exempt vehicles
Forget salary packaging a car… may tradies just don’t need to worry about FBT at all due to the type of car they drive. Exempt Vehicles Rules To be exempt from FBT, all of the following conditions are satisfied: the vehicle is a panel van, utility (ute) or other commercial vehicle (that is, one not designed principally…
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Pick any ABN…
The federal government’s Black Economy Taskforce claims 40 per cent of ABNs quoted in the Northern Territory were the Bunnings ABN… You have to love the Northern Territory…
