Category: Uncategorized
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Just in the nick of time…
On 29 March 2022 the previous government announced a digital adoption boost (see below if you want to know what it is)… it was to run from 30 March 2022 for 15 months and end on 30 June 2023. I was asked to give advice on it on 30 March 2022 and I said that…
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A massive tax issue solved (sarcasm)
On a Wednesday, kids gather at my house after school and I provide arvo tea. One of the favourites are “flip” yoghurts, being a small container with yoghurt on one side and bits to be mixed into the yoghurt on the other… Well did you know the tax controversy this causes??? Recently the AAT had…
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Budget 2023
Another Budget and before the Treasurer has finished his speech, we have finished reading the budget papers and know that almost every change to tax and super was announced before Budget night. But there were three main announcements that we were not aware of: $20k instant asset write-off for small businesses (under $10m aggregate turnover)…
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Wait till 1 July 2023 to act on efficiencies in your business
The Treasurer has announced is first budget leak… The Small Business Energy Incentive. The 20% bonus tax deduction for businesses with annual turnover of less than $50 million applies to spending that supports electrification and more efficient use of energy. This could cover the cost of electrifying heating and cooling systems, upgrading to more efficient…
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Dodgy Taxpayers
I just finished a conversation with another person who believes we can fund a myriad of new programs by “making large companies pay their fair share of tax”. I responded with the tax gap results, where the Commissioner of Taxation estimates how much unpaid tax exists. So here it is… The dodgiest is not a…
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4.2 cents per km for electric cars
We know that SOME electric cars are exempt from FBT, but even if they are exempt, we still need to work out the taxable value so we can work out the reportable fringe benefit amount to put on a payment summary (yes, it is exempt but it is still reportable). And to work out the…
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I just read ATO Media Releases for the headings…
The ATO had a recent media release about the FBT exemption on cars… Have a look at the headings in it…
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Labor’s new super tax applies to Unrealised Capital Gains… Crazy!!!
Bob has his $1.85m farmland in his SMSF and $150,000 in cash (from renting the farm land to the business). The Government decides to rezone the area residential, and his land is now worth $5 million. He has no earnings on the cash, no contributions, no withdrawals but his earnings are $3 million ($5 million…
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More info on the proposed super changes from 1 July 2025
A little more clarity… Individuals with total superannuation balances over $3 million at the end of a financial year will be subject to an additional tax of 15% on certain earnings. Earnings are calculated by the difference in total superannuation balance at the start and end of the financial year, adjusting for withdrawals and contributions.…
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How do we apply the 30% on earnings for super funds over $3 million to government defined benefit pensions? I think it is easy!
The 30% only applies during the accumulation phase, and there is no accumulation phase for a defined benefit fund, as the government employees in these schemes are not accumulating anything. Rather they are hoping the Government will be solvent enough when they retire to give them an amount of money each year. But obviously, paying…
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