Categories
Tax Policy

Finding extra revenue in the tax system? Where?

I think I have a right to say this as I gave up a high paid job as a tax advisor and spent three years working in the Treasury, on the Henry Review and in the office of the Assistant Treasurer and most of the time I tried to convince people to remove tax give […]

Categories
FBT Planning Stuff

Even crazier (and legal) salary packaging ideas

In the National Tax Liaison Group FBT Subcommittee (yes I have sat on this committee and it is full of FBT nerds…) in November 2005 the Commissioner confrimed that, as an employer can provide a benefit to an employee for their long service valued at $1,000 after 15 years, increasing by $100 every year after that, and there is […]

Categories
FBT Planning Stuff

Crazy (but legal) salary packaging options…

An expense fringe benefit arises when an expense is reimbursed, irrespective of when the employee incurred the expense that is reimbursed. So if you forgot to salary package an expense that it would have been beneficial to salary package then just get it reimbursed today and the benefit arises. First a silly example… For ten […]

Categories
Income Tax Part IVA Planning Stuff

Part IVA applies to small businesses

I don’t get that so many small business advisors think Part IVA can not apply to their clients. Yes it does not happen often but if it does your business is on the line. And here is where it is most likely to apply… You just read my post below and want to inject income […]

Categories
Article Income Tax

Solar panels and tax – How many people have this wrong???

0010IP_Blue_Journal_Aug (Mansell) By the way, after writing this article I found that I had been placed on the world’s largest “climate denial” database. Now I new thought a tax article could make me politically incorrect?

Categories
Income Tax Planning Stuff

Claiming a deduction for stamp duty?

In the Australian Capital Territory, for a rental property you can claim the stamp duty as a deduction – even though the Henry Review (which I had the misfortune of spend 6 months working on) wanted to remove this anomaly. Why? It’s a lease and not an ownership of all land in the ACT But, […]

Categories
Funny Stuff

What a real tax nerd does on a holiday…

Categories
Article Income Tax

Lease Fit Out Costs and Division 40…

The two questions here are: 1. For various items included in a fit out, can a taxpayer claim a deduction under Division 40? 2. If they can claim a deduction under Division 40 what is the effective life? 3. If they cannot claim a deduction under Division 40 can they claim a deduction under Division […]