Tag Archives: 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 … Continue reading

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Injecting income into loss trusts – everyone should be doing it

There is this fear of having losses in discretionary trusts – specifically how do you get them out… The answer is easy. You just inject income into the trust. But what about the income injection test I hear you scream… … Continue reading

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Net Medical Expense Offset Gone… kind of

The Government has released some draft legislation and explanatory materials to phase-out the net medical expenses tax offset (http://www.treasury.gov.au/ConsultationsandReviews/Consultations/2013/phase-out-net-medical-expenses). I love the way they call it a phase out when the vast majority of people lost all eligibility on 1 … Continue reading

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Another problem with marriage breakdowns

When a family court order as a part of a marriage breakdown requires assets held in a family company to be transferred there is no CGT payable due to the 126A rollover. BUT if the receiving spouse is a shareholder … Continue reading

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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 … Continue reading

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Another ridiculous tax policy… supported by every side

When there is change in government you hope they can dump all the stupid ideas of the previous government. But with the new government still needing to find savings stupid ideas seem not so stupid. In the May 2013 Budget … Continue reading

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Moving from cash to accruals

Since the Henderson Case it has been clear that there is only one appropriate way to return income for a year – either cash or accruals. TR 98/1 covers which one is correct for each year. But what happens to … Continue reading

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