Category: Uncategorized
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Paper and slides for Centrepoint session
As promised to all those attending the Centrepoint master class tomorrow, below are the slides and technical paper. Small Business Restructures and Super Paper Small Business Restructures and Super Presentation
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Small business tax changes and franking
The changes to the company tax rates for small and medium businesses also means a change in franking… and the rules are… The maximum franking credit that can be allocated to a frankable distribution paid by a corporate tax entity will be based on a tax rate of 27.5 per cent. However, if the entity’s…
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Small Business tax changes passed
Just the headlines please Ken… The company tax rate for corporate entities with turnover less than $10 million in the 2016/17 year will be 27.5%. The company tax rate for corporate entities with turnover less than $25 million in the 2017/18 year will be 27.5%. The company tax rate for corporate entities with turnover less…
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Taxpayer Alerts for R&D
The Commissioner has just released two taxpayer alerts that relate to the R&D Tax Incentive… TA 2017/2 Claiming the Research and Development Tax Incentive for construction activities TA 2017/3 Claiming the Research and Development Tax Incentive for ordinary business activities These Taxpayer Alerts “provide a summary of our concerns about new or emerging higher risk tax…
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SMSF and accountants… what can they do?
The easy answer is… lots. ASIC have a great information sheet on this, but in summary and accountant without any AFSL can… You may provide advice on establishing, operating, structuring and valuing an SMSF, as long as you give your client the appropriate warnings. This includes [stating that the] advice [is] provided for the sole purpose…
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Tax Breaks for Big Business
Every time I have a conversation about tax policy someone always tells me that before I make the changes I want I have to “stop all the tax breaks for big business”. So what are these “tax breaks for big business” that I need to get rid of first? Fortunately, each year the Government releases…
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Fairfax journalist spinning a tax story again…
Why do Fairfax journalist have to exaggerate every tax story they have to push their ideology? Peter Martin is at it again today when he writes… Revealed: how the Tax Commissioner was leant on to deliver high-end tax cuts Mr Martin again is going to show us how the current Government is a friend of…
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What has happened to ATO Interpretative Decisions?
According to the Commissioner, an ATOID is a “summarised version of a decision we have made on the application of the law to a particular situation.” (See PSLA 2001/8) These have been around since 2001 and have been an amazing insight into the types of private rulings that the Commissioner has been giving to specific…
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One of many or just one…
This one is for my Quantity Surveyor friends who love to put together depreciation schedules… The Commissioner has released a draft Taxation Ruling that considers whether a composite item is itself a depreciating asset or whether its components are separate depreciating assets. And this is a great question. How far down do we break something…
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Excuses, excuses…
These are the best 10 excuses for not lodging an individual tax return given to the UK Revenue and Customs in 2016: My tax return was on my yacht, which caught fire. A wasp in my car caused me to have an accident and my tax return, which was inside, was destroyed. My wife helps…
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