Category: Uncategorized
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The End of Salary Packaged Super
From 1 July 2017 I cannot understand why anyone would salary package super in addition to the 9.5% SG their employer is required to pay for them. Now I am not saying that it is not worth using up an employee’s entire $25,000 concessional cap (2017/18 cap amount), but I am saying you are crazy…
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More rubbish about Evil Apple and Taxes
By now most of us have heard that the European Commission has ordered Apple to pay 13 billion Euros. But the money does not go to the EU, but rather the order is that Ireland has to collect the amount from Apple… But Ireland does not want to. Ireland has argued that Apple have paid the…
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Tax laws are back
Sorry about not blogging for a while. But nothing has happened… almost. But now we have a parliament again, tax policy has started and I promise to keep up. So here are what the Government has provided in the last week… Treasury Laws Amendment (Income Tax Relief) Bill 2016 Boring… In this Bill the threshold…
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Vote “1” for tax
When I was interviewed for a job with the Labor party I was asked whether I had ever voted for John Howard. It was a joke question and they did not expect me to answer, but I did. “Of course”, I said confidently, “he has had a better tax policy for some time.” This Saturday…
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R&D concessions go full circle
In the 2014/15 Budget the Government announced they would reduce the tax offset rate for the R&D Tax Incentive by 1.5%. This Bill was introduced in 2015 and has since been blocked by Labor and the cross benchers in the Senate. But, over two years later, Labor has just announced if it wins the election…
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My first Solomon Island post
I am working in Honiara for the Solomon Island government and I was asked to look at the Sales Tax Act. It states there is Sales tax of 50 cents a movie ticket… Except there are no movie theatres in the Solomon Islands. There are only 17 “prescribed goods and services” in the Sales Tax…
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Backpackers are already tax avoiders
There are concerns about the “backpackers tax”. This was a change announced in the 2015/16 Budget that would deem people working in Australia on holiday visas to be non residents for tax. As a result they would be taxed at 32.5% from the first dollar they earned, rather than being able to apply the tax…
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I would hate to be a super specialist…
There are a number of changes that are going to make advising high wealth/income clients to use super very hard. Lets start with transition to retirement pensions. People have been recommending staring these TTR pensions as soon as you turn 55 but make sure you salary package the amount back to your super fund. You…
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The shortest Budget summary ever…
Lets be brief (so I will ignore what will be covered in future Budgets)… The second highest bracket of the marginal tax rate goes from $80,000 to $87,000 on 1 July 2016. So people earning more than $80,000 pay less tax. The company tax rate for companies with turnover of less than $10 million goes…
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Negative Gearing Equity?
The Government are being hammered for not removing negative gearing as it is not “equitable”. Those saying “equity” seem to have a different definition then the standard tax axioms but when asked what they mean they indicate that the benefit of negative gearing (aka borrowing to buy an income producing asset and claiming a deduction…
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