Category: Uncategorized
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Trust distributions and 100A – A minor update
As the Commissioner could not get his section 100A rulings ready by 30 June, he has instead put out a very short summary of what we can and can’t do for this 30 June… According to this short document, what can we definitely do and be sure the Commissioner wont apply section 100A? What does…
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Not sure what the ATO’s marketing and communication’s budget is, but it is obviously money well spent!
“You wouldn’t double dip your chip, so don’t double dip your deductions” Mr Loh said.
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FBT On pets…
According to Assistant Commissioner Michelle Allen “We’ve even heard of an employer providing their employees with pets to keep them company while they work at home!” As a result she is “urging employers that have provided their employees with fringe benefits to consider their fringe benefits tax (FBT) obligations”. Don’t say I did not warn…
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Stop using tax policies to fix problems – like marriages…
I recently blogged about how stupid it is to give an FBT exemption for electric cars… but Ken, don’t you want to save the environment? Its not about saving the environment, its that every time Governments use the tax system to solve a problem it backfires as it just becomes a handout (like the electric…
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Labor will make electric cars exempt from FBT – start salary packaging your electric car… if you can afford one
Labor just announce a tax windfall for the rich that every wealth person would be foolish not to take up… those who can afford to buy an electric car (the cheapest electric car in Australia is $45,000 and most are over $60,000) will be able to salary package it and pay NO FBT AT ALL…
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Go get a left handed screwdriver and checked paint – Deductions for COVID tests
The Government just introduced a bill to allow deductions for certain expenses by individuals on COVID tests, and I feel sorry for the person who had to write it. Remember before this change, if an individual wants to claim a deduction for an expense they need to find a specific deduction provision or use the…
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Biden proposes “Billionaires tax’ that applies to people worth over $100 million… Americans and their maths!
At the same time that the Australian Government provided a Yawn Budget, the President of the US released his budget. His is much more interesting, especially as there is no way it will ever become law so he can pretty much say anything. Other than promising over $850 billion for defence (substantially more than all…
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Another boring budget
Another Budget and no substantial change to the tax and super system, even when they have had some genius ideas from a amazing tax guru… So what did we get in this pre election budget? LMITO increase The only change announced for individuals is that the Government will increase the low and middle income tax…
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The Commissioner is going after trust distributions
Have you ever heard of section 100A in the 1936 Act? This section allows the Commissioner to ignore any present entitlement you created and tax the trustee at the highest marginal rate. So when can the Commissioner do this? Where a beneficiary’s present entitlement to a share of trust income arises out of, or in…
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My Dad was a tax dodger – using me…
When I was at Uni my Dad would have the family trust cut a $5,200 cheque for me, which I would bank, get a bank cheque, and give it back to dad with a note thanking him for paying for my Uni (he paid my HECS upfront). But today the Commissioner has announced he thinks…
TaxRambling.com 