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Funny Stuff Income Tax

Adam, Eve and Family Trust Elections

In ATOID 2014/3 the Commissioner states that the individual specified in the Family Trust Election must be alive at the time the trustee of the trust makes the election.

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He comes to this conclusion after finding the term “individual” is not defined and takes a very loose analysis of the various dictionary definitions. So why is the Commissioner so desperate to conclude the name on a family trust election is a LIVING person???

If you take the biblical view of the world we are all descendant of one man and one women. So if the person on the election could be deceased at the time of the election we should all put Adam or Eve down. Then the family group would cover all of humanity and every entity humanity has ever controlled. The trust loss rules would disappear immediately and distributions could be made to anyone without worrying about Family Trusts Distribution Tax.

I would love to challenge the Commissioners position on whether the person has to be “living” and then whether we are all descendants of “Adam” or “Eve”…

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Funny Stuff

A novel way to get people to pay tax…

In Zhangzhou, in China’s southern Fujian province,  children of high taxpayer parents are given bonus points in their public exams. I can see people paying extra tax to increase their child’s exam scores. Who need Gonski?

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Funny Stuff Income Tax Legislation

One year of carry back losses…

If you are completing a company tax return for the year ended 30 June 2013, you may have made your first ever claim for the refundable tax offset that the carry back loss rules created. Enjoy claiming this offset while you can, as the 2012/13 year will be the last year it is available. This offset will be repealed from 1 July 2013 and so it will not be available for the 2013/14 year. So stick it up on your wall so you can remember the fun you had in making that one claim.

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Funny Stuff

What a real tax nerd does on a holiday…

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