Tax System Improvement

A PAYGI materiality threshold

That a materiality threshold should be included in determining whether or not PAYG income tax is required to be paid quarterly so that businesses with a very low income tax liability are not required to pay quarterly installments. What should this be?

Submitted by (@moderatorboardoftaxationsecretariat)

Voting

1 vote
1 up votes
0 down votes

Tax System Improvement

Unpaid SGL

Unpaid SGL I have found attempting to assist a 22 year client be paid their SGL entitlement for two years work that often involved 50 hour weeks , 6 days a week has been futile. I have a chain of emails of 4 pages long to and from various ATO divisions, the appropriate Ombudsman and our local politician. Despite providing names of the directors and the company name, phone numbers of current business and the directors ...more »

Submitted by (@brianw)

Voting

1 vote
1 up votes
0 down votes

Tax System Improvement

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 »

Submitted by (@robbie)

Voting

2 votes
2 up votes
0 down votes

Tax System Improvement

ESS and Interests in Foreign Vehicles

Need further guidance from the ATO with respect to Employee Share Schemes (ESS) and whether interests in certain common kinds of foreign vehicles (such as a limited liability company) qualify as 'shares' or 'ordinary shares' under the ESS rules, in particular, subsections 83A-10(1) and 83A-45(2) of the ITAA 1997.

Submitted by (@moderatorboardoftaxationsecretariat)

Voting

5 votes
5 up votes
0 down votes

Tax System Improvement

tax transparency

Public tax transparency laws should be changed to require the ATO to publish current year accounting profit/loss extracted from the tax return as well as the current total turnover, taxable income and taxes payable figures. This should help in the public's understanding of company tax performance and reduce the chance of the current data being used in a misleading fashion. It also better aligns with what companies ...more »

Submitted by (@taxfacts)

Voting

1 vote
1 up votes
0 down votes

Tax System Improvement

Align Fringe Benefit Tax Year with Income Tax Year

For small businesses, calculating expenses that confer fringe benefits using a period that overlaps accounting periods adds an additional compliance burden. By aligning the two periods, a business can use their year-end figures to calculate their expenses for FBT

Submitted by (@markcaldwell)

Voting

6 votes
6 up votes
0 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)

Voting

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)

Voting

1 vote
1 up votes
0 down votes

Tax System Improvement

Automatic Country by Country Reporting Exemption

Significant global entities are required to prepare and submit a Country by Country ("CbC") report with the ATO pursuant to Sub-division 815-E unless an exemption is granted by the ATO. The ATO has released exemption guidance which states that an exemption is not automatially provided to entities that do not need to lodge an IDS (i.e entites that do not have cross border transactions > $2m). Instead, entities need to ...more »

Submitted by (@simone.lunny)

Voting

1 vote
1 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)

Voting

1 vote
1 up votes
0 down votes

Tax System Improvement

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 »

Submitted by (@moderatorboardoftaxationsecretariat)

Voting

1 vote
1 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)

Voting

1 vote
1 up votes
0 down votes