Sweating the small stuff

Care and maintenance suggestions that correct spelling errors, bring provisions in line with drafting conventions, repeal inoperative provisions and update references in the tax law to reflect changes to the names of State and Territory legislation and specifically listed deductible gift recipients.

Sweating the small stuff

Submitted by (@dsmerchanskyi)

SAPTO transfer to spouse: formula update

A formula in regulation 12(3)(b)(ii) in INCOME TAX ASSESSMENT (1936 ACT) REGULATION 2015 still contains figures $6,000 and 15% which appear to be references to old income tax rates and tax-free threshold. Subregulation 12(4)(a) contains a reference to $6,000. Based on this regulation, presently taxpayers with taxable incomes falling within the $18,200 tax-free threshold may not be able to transfer unused SAPTO to their ...more »


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