Can government fix it

Ideas that would require a change to government Policy.

Can government fix it

Submitted by (@moderatorboardoftaxationsecretariat)

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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Can government fix it

Submitted by (@jenniferfay)

Making it easier to pay taxes

My idea is for a tax system that makes it easier for sole traders and small businesses to pay their taxes as they go without the worry of larger quarterly instalment bills and or large tax return bills. What I would like to see is a simple tax bracket system based on earnings as you go rather than predicting your future earnings which may not be accurate. For example for every invoice payment from a client received ...more »

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Can government fix it

Submitted by (@moderatorboardoftaxationsecretariat)

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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Submitted by (@centrumsolutions)

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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Submitted by (@peter.j.somerville)

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

Submitted by (@smdtag)

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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Submitted by (@ianlwallace)

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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Can government fix it

Submitted by (@gtho351)

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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Can government fix it

Submitted by (@moderatorboardoftaxationsecretariat)

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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Can government fix it

Submitted by (@thetaxinstitute)

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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Submitted by (@fjohnmorgan)

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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Submitted by (@nambiarp)

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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