Can government fix it

FBT and Cars - Logbook applies to a car (not employee)

I can not understand why a logbook is assigned to a car, rather than to an employee.
Eg Salesperson uses car for 6mths 90% business, then admin person uses same car for 6mths at 10% business.
Why do we not simply address the provision of each benefit to each employee based on the actual %?
By having to apportion/average the % it is unfair to the salesperson/inappropriate for admin person.
Then it gets more crazy,... more »

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Can government fix it

Treatment and remediation of excess super contributions

The Board has received the following suggestion during the course of its consultations.

The existing process for the treatment and remediation of excess superannuation contributions is unfair and overly bureaucratic. Many directors with contributions multiple organisations and death and disability insurance find it difficult to comply with the existing caps. Where they don't they are required to be advised by the... more »

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2 votes
3 up votes
1 down votes

Can government fix it

Allow TFNs to be transferred in a demerger

Under current arrangements shareholders of listed companies are asked to provide their TFN to the investee company. If shareholders do not provide their TFN, the company must withhold tax at the highest marginal rate on any non-fully franked dividends paid to these shareholders.

In a demerger situation, the demerging company is not permitted to transfer the TFN of a shareholder that will also have or has a shareholding... more »

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Can government fix it

Tax robots equivalent to NES standards.

In the future taxation revenue may be down due to less manual workers and more automated robotics taking over blue collar jobs. Inevitably more people will be out of work and there will be greater dependancy on government services with potentially less revenue coming in from employee PAYE contributions. I propose to offset some of the lost revenue that the government introduce a automation taxed, where robots would be... more »

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Can government fix it

Variable Company Tax Rate

Intent:
Income derived from goods and services provided in Australia are taxed in Australia.

How:
1. Company tax is either (choice is made by the Company) paid on revenue (at a low rate, say 1%) or profit (at a higher rate, say 30%).
2. Deductions are only allowed for domestic goods or services.

Impact:
1. Foreign companies will create domestic companies (“Domestic Shells”) to service other domestic companies so that... more »

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Can government fix it

Repeal s82A ITAA36 - there is no apparent policy basis for it

There is no apparent policy basis for the $250 reduction in the claim for the self-education expenses. Section 82A ITAA36 creates a set of comparatively complex rules and definitions that impact on the deductibility of self-education expenses. The view is that these rules achieve nothing apart from added complexity.

The aim it intends to achieve is not clear and nowadays the $250 is not going to go far in terms covering... more »

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4 votes
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Can government fix it

Personal Income Tax Return processing - time saver

Recommend Private Health Insurance rebate percentages be adjusted, if necessary, as at 30 June each year rather than current onerous 31 March, to reduce the unnecessary volume of extra information processed in almost every personal income tax return!
Recommend the Department of Health (or those responsible for the related legislation) be reminded of our financial year end date , being 30 June, so they can align their... more »

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3 votes
3 up votes
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Can government fix it

Superannuation Guarantee Ruling SGR 2009/2 - Update to OTE

There seems to be some outdated exclusions as to what is included as OTE

1. Make-up payments for Jury Service are not included in OTE for SG purposes, disadvantaging employees when they are compulsorily attending Jury service

(Para 37. An employee may receive 'top-up payments', such as those made while serving on jury duty or with defence reserve forces, that make up some or all of the difference between any amount... more »

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1 vote
1 up votes
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Can government fix it

Excess Superannuation Tax

The Board has received the following suggestion during the course of its consultations.

The current provisions around excess superannuation tax are bureaucratic and cumbersome especially for non-executive directors with the decision to include death and disability insurance in the superannuation contributions cap.

Many persons will inevitably be in breach of the cap, especially those receiving multiple group certificates.... more »

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3 votes
3 up votes
0 down votes

Can government fix it

Changes to the Non-concessional Contribution Caps

As a result of the May 2016 Budget announcement changing the non-concessional contributions (NCC) cap, some taxpayers did not put the previously allowed $540k into their SMSFs as a NCC by 30 June 2016. However, under the revised Government announcement in September 2016, some taxpayers would have been permitted to do so. If a taxpayer turned 65 between the two announcements, the taxpayer could no longer contribute the... more »

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1 vote
1 up votes
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Can government fix it

Phoenix Labour Companies and Employee Benefits lost or defrauded

I submit my email chain with a potential client (whose identity I've anonymised until she's ready to be disclosed). I will suggest she send my email suggestions on how to tackle this perennial and cancerous practice to the Inspector General of Taxation as a means of setting action in train in the various quarters that might be productive. I suggest that the ATO, the IGoT, ASIC and the Federal Police and the Board of Taxation... more »

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Can government fix it

New Project Contribution/ levy

Would the board consider making recommendations to the government to introduce a voluntary tax levy (administered through the tax system) whereby the average Australian is offered an option to contribute towards a project ( could be a long term infrastructure project like high speed rail) and get a tax deduction for it. The revenue generated will go into a fund specific for that project. The average Australian will feel... more »

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1 vote
1 up votes
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Can government fix it

Main residence CGT special market value rule should be a choice

Section 118-192 of ITAA97 provides a special rule under which a main residence (if acquired after 20/8/96) is deemed to have been acquired at market value when it is first used to produce assessable income.
Too many taxpayers don't get the valuation at the time (eg. because they thought they were going overseas for max 6 years so could use the absence choice, but ended up staying for 10 years) and there is no guidance... more »

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2 votes
2 up votes
0 down votes

Can government fix it

Reinstate an STS Cash Accounting Method

Small Business Entities should be allowed to account for income on a cash basis once again.

Prior to the 30 June 2005 financial year, the STS Cash accounting requirement was a feature of the Simplified Tax System that allowed Small Business Entities to account for income and expenses on a cash basis. However prior to the 30 June 2007 financial year, entities that elected to utilise the STS were required to use ALL... more »

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2 votes
2 up votes
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Can government fix it

AMIT regime - platforms & wraps

Platforms, wraps, IDPS and IDPS-like schemes are not currently deemd as "good" investors for a fund that is trying to satisfy the eligibility requirements for entry into the AMIT regime.

Platforms etc have very large numbers of investors (in the thousands) and a platform investor could easily satisfy the widely held requirement if each investor were to invest into a fund directly.

The current law results in a significant... more »

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