Categories
Legislation Tax Policy

Announced but unenacted… a bit of clarity

In November the government announced (see http://axs.ministers.treasury.gov.au/media-release/003-2013/) it was not going ahead with caping self education deduction (limiting section 8-1 makes no sense), limiting the tax exemption on super pensions (impossible to calculate), removing section 25-90 (let the big end of town suffer) and repealing the statutory rate (pure politics in this – this is […]

Categories
FBT Planning Idea Tax Policy

Another go at closing salary packaged cars

One of the arguments presented by the salary packaging companies (please note these are companies that only exist due to the combination of a tax loophole and tricky marketing – https://taxrambling.wordpress.com/2013/11/29/the-post-the-salary-packagers-do-not-wanted-you-to-see/) is that removing the statutory method for calculating car fringe benefits would hurt the local car manufacturers. But by 2017 there will be no […]

Categories
Tax Policy

Unpaid present entitlements to corporate beneficiaries

In December 2009 the Commissioner changed his position on unpaid present entitlements to corporate beneficiaries – claiming they became Division 7A loans after a year. I, like many people raised this with the Government and they said “wait for the final ruling”, “wait for the practice statement”, “wait for a NON EXISTANT test case” and […]

Categories
Income Tax Tax Policy

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 the Labor (one day they might learn how to spell their party’s name) stead they […]

Categories
FBT Planning Stuff Tax Policy

The post the salary packagers do not wanted you to see…

Go to any salary packager’s website and they will have a calculator. After you complete or the details the calculator will tell you how much you will save in tax by salary packaging a car. THIS NUMBER IS ABSOLUTELY RUBBISH. I don’t mean the calculation is wrong in any way at all. What I mean […]

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 […]