Category: Uncategorized
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Tax stats
The 2013/14 Taxation Statistics are out… My favourite part so far… So if you earn more than $80,000 you are in the top 19.5% of people who earn anything (excludes kids and other who don’t have to lodge tax returns like those just on a pension…). if you earn more than $180,000 you are in…
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The Commissioner gets a new discretion
The Commissioner has a series of discretions. For example the Commissioner can decide not to apply the non-commercial losses provisions (section 35-55) or not to apply excess contributions tax (section 292-465). But while he can exercise these discretions he almost never does (and I pretty much only said “almost never” in this sentence as I…
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Collecting points in the Tax Act…
I have to start by telling you I am not making this up. Today the Government released the Bill for the “innovation” changes announced last year. in the Bill, called the Tax Laws Amendment (Tax Incentives for Innovation) Bill 2016, and in this Bill are some amazing concessions for investors in certain companies. These investors in…
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What changes are coming in tax and super?
Now that the Prime Minister has stated that the Budget “will be, for all practical purposes, the White Paper” in a radio interview, we can put the idea of a radical rethink of the tax system in the too hard basket. So in May we get to compare the less than comprehensive tax policies of…
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Fairfax just can’t get tax…
Here they go again… Labor drew up a comprehensive suite of tax measures, including increasing taxes on cigarettes, multinational firms, superannuation and investment housing. So according to a “senior economics writer for Fairfax Media”, a “comprehensive suite” of tax measures is: Increaing the excise on one product; Make a change to thin capitalisation safe harbours;…
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Negative Gearing, the 50% discount and the ALP
Just a quick note on the ALP’s policy on removing negative gearing… The Opposition has announced they will limit negative gearing to new housing from 1 July 2017. From the announcement it appears the losses from negative geared properties that are not new properties will not be able to be offset against any salary and…
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Its got nothing to do with tax but these numbers do my head in…
According to a recent report… You need to have wealth (house, car, super… Less debts) of $4,400AUD to be in the top 50% of the world’s adults by wealth. To get in the top 10% of the world’s adults by wealth you need to have $94,000AUD in assets. To be a part of the 1%,…
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Rambling weekly round up
I just got asked what happened in tax last week that a practitioner should know about. How about: – Instant asset write off for small businesses back to $1,000 from 1 January 2014. And the $5,000 immediate depreciation for cars goes from the same date as well. – If you want to get a remission…
