Category: Uncategorized
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A win for the NZ teams
If you support NZ sporting teams playing in Australia, and you are not a rugby fan, it has been a long time since you have been on top. But now these NZ teams playing in Australian comps can boast that they won in the best way… not on the pitch or court, but in the…
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Monday Ramblings – Cheapest way to reward employees
I am always getting asked about bonuses, and generally it is around the timing idea of declaring the bonuses before 30 June so the employer gets the deduction in year 1, but paying the bonus after 30 June so the employee has to pay tax in year 2. Yes, you can do this… But I…
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Monday Ramblings – Fringe benefits tax and car parking fringe benefits
Since 1996, the place to go to work out if an employer has to pay FBT on car spaces it owns or leases has been Taxation Ruling TR 96/26, titled “Fringe benefits tax: car parking fringe benefits”. Note: reimbursing someone who has used a third party car park is not a car parking fringe benefit…
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Late Monday Rambling – A Budget
What do we have in this year’s Federal Budget for all our tax and super practitioners? First, we have the announcements that we are keeping what we already have for a bit longer… Retaining the low and middle income tax offset for the 2021-22 income year The Government will retain the $1,080 low and middle…
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Claiming internet and phone costs – finally a case
I have been waiting for a case like this for some time. In Spencer and Commissioner of Taxation [2021] AATA 1106, the taxpayer claimed all his home internet and all his phone costs (including buying the phone). His employer had given him a work phone and a tablet with a SIM card so he could…
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Monday Rambling – A budget is coming
According to ATO data modelled by Deloitte Access Economics… This is just for personal income tax, and it is Access updating the ATO data from 2018. Just because it makes people angry, let me say that is you earn more than $180,000 you are in the top 3.4% of Australians (now for the excuses). But…
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Jobkeeper Overpayments
Now that JobKeeper is over, the only concern I hear from practitioners is about the possibility of having to pay it back. Many of us estimated a projected loss well over 30% back in March 2020 but that loss never came and they wonder whether the Commissioner is going to come after this. Well, the…
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Monday Ramblings – Granny Flats & CGT
To attempt to get people to formalise granny flat arrangement to give the elderly the rights they need the Treasury has released draft legislation to make an exemption from CGT. To avoid CGT on these granny flat arrangements, the Board of Tax indicated that people would not formalise granny flat arrangements, and this could lead…
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New Zealand to remove interest deductions on second hand residential property
The New Zealand government has announced it will deny interest deductions on residential investment property acquired on or after 27 March 2021 starting from 1 October 2021, unless the residence is new or the owner is a developer (held as stock). But in an absolutely ridiculous change, interest on loans for properties acquired before 27…
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Early Monday Ramblings – A New FBT Exemption
In Division 13 of Part III of the Fringe Benefits Tax Assessment Act 1986 are a series of FBT exemptions. From section 53 to section 58ZD are a very long list, 41 to be exact, of exemptions… but now there could be 42 exemptions as the Treasury has released draft legislation adding a new exemption.…
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