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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. 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 […]

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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 […]

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Funny Stuff

What a real tax nerd does on a holiday…