Category: Uncategorized
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Tax Depreciation Changes
In the Budget the Government announced a change to tax depreciation. They have now released draft legislation implementing this announcement. So what does this mean for those with rental properties and those who produce tax depreciation schedules… A lot! Under the proposed section 40-27, entities may NOT deduct amounts under Division 40 or Subdivision 328-D…
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Who are the Tax Dodgers?
If you read the newspapers it is those evil multinationals. But a recent speech by the Commissioner might dispel that myth. Have a look at these quotes: The first cab off the rank will be the large market corporate tax gap which we will release formally next month. In the lead up to that formal release, today…
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The SA Bank Tax is just more GST
Mr Koutsantonis (SA Treasurer) and Mr Weatherill (SA Premier) are not backwards in making this claim… “Reports show that financial services are significantly undertaxed by more than $4 billion per annum because their GST treatment differs from other industries,” he said. “States previously applied taxes to banks and the financial sector, yet gave those revenue…
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A sledge hammer to residential tax depreciation
On Budget night the Government announced the following, at least the parts in the quotations that follow. This is easily the biggest business risk to the tax depreciation industry ever. While no real clarity as to what changes the Government will make can be achieved until we see the legislation, based on what is in…
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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…
