Tax System Improvement

Safe harbour for long-life depreciating assets in Div 40

Introduce a general safe harbour effective life for long-life depreciating assets in Division 40, much like the small business general asset pool (say 20 years).

Submitted by (@moderatorboardoftaxationsecretariat)

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5 votes
5 up votes
0 down votes

Tax System Improvement

Unnecessary tax return form item

Total salary and wages expenses is one of the financial information disclosures on income tax returns of entities carrying on business. This disclosure is unnecessary because the ATO already gets this info from PAYGW disclosures on the business's BAS. Having to work out the payment summary equivalent figures to disclose on a tax return of an entity with a substituted accounting period can be very time consuming. Most ...more »

Submitted by (@robbie)

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3 votes
3 up votes
0 down votes

Tax System Improvement

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 »

Submitted by (@nambiarp)

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1 vote
1 up votes
0 down votes

Tax System Improvement

Payroll Tax Reporting - National System

Currently, employers must collect and report monthly wages information and annual reconciliations for each State using various systems/forms. Members of a group then also require a Designated Group Employer (“DGE”) to lodge a separate annual reconciliation for each State summing the wages information for every group company both in the relevant State as well as Australia wide (in order to apply State payroll tax thresholds ...more »

Submitted by (@testaan)

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22 votes
23 up votes
1 down votes

Tax System Improvement

Extend Super Fund Central Management and Control Exemption

Currently, a Self-Managed Superannuation Fund (SMSF) can remain an Australian superannuation fund even where its central management and control is temporarily outside of Australia for up to two years. However, this timeframe is too short in the context of modern work arrangements. Propose the exemption be increased to allow a fund's central management and control to be temporarily outside Australia for up to four years. ...more »

Submitted by (@moderatorboardoftaxationsecretariat)

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5 votes
5 up votes
0 down votes

Tax System Improvement

FBT, GST and Uber travel.

The recent Federal Court case on the GST treatment of Ubers decided to adopt a common sense definition of taxi and thus have the same GST rules apply to taxi and Uber travel. However the FBT law defines a taxi as a "motor vehicle that is licensed to operate as a taxi". It would seem therefore on a literal reading of the FBT law, that the exemption given to certain taxi related travel given to employees does not apply ...more »

Submitted by (@corporate.tax.association)

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4 votes
4 up votes
0 down votes

Tax System Improvement

My gov

Currently you cam only use an email address for one my gov registration. While the rationale is understandable. It doea not work effectively. This practice stops children from assisting parents or relatives to lodge tax returns. This is an easy fix which provides greater flexibility and will increase participation with My Gov

Submitted by (@tonrid52)

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6 votes
6 up votes
0 down votes

Tax System Improvement

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 »

Submitted by (@fjohnmorgan)

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1 vote
1 up votes
0 down votes

Tax System Improvement

Superannuation Guarantee Charge Simplification

The rules governing the Superannuation Guarantee Charge (SGC) regime are complex and onerous to the extent that many SME's ignore SGC for late super remissions. These rules should be substantially simplified in order to provide clarity and improved compliance.

Submitted by (@moderatorboardoftaxationsecretariat)

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12 votes
12 up votes
0 down votes

Tax System Improvement

Update Section 45B guidance

The ATO should consider reviewing the usefulness and relevancy of its advice and guidance in respect of schemes to provide certain benefits (section 45B of the ITAA 1936) and update it as required.

Submitted by (@moderatorboardoftaxationsecretariat)

Voting

11 votes
12 up votes
1 down votes

Tax System Improvement

Productivity and workplace diversity – current measures ineffect

There are currently two FBT exemptions currently available which relate to child care: 1. Exemption for the provision of child care facilities – a key requirement is that the employer must provide the child care facility on its business premises. 2. Exemption for contributions made to obtain priority of access – of little practical value when compared to the cost of child care itself. It is understood that only an exceptionally ...more »

Submitted by (@brianpurdy)

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87 votes
88 up votes
1 down votes

Tax System Improvement

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 »

Submitted by (@thetaxinstitute)

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1 vote
1 up votes
0 down votes