There appears to be a drafting error in subsection 328-430(1)(d)(ii) dealing with small business entity ['SBE'] rollovers. A SBE is defined in section 328-110 as an entity that has an aggregated turnover of less than $10 million, accordingly it should be possible to roll an asset into a SBE using Subdivision 328-G provided the SBE is either an affiliate of or connected with the transferor (assuming the other requirements... more »
Companies carrying on a business or deriving property income in Australia are required to have and must appoint a public officer for the company. Amongst other things, the appointed public officer is the only person who is entitled to sign the company tax returns. The legislation does not allow for the appointment of multiple public officers for a particular company. There should be opportunity to appoint more than one... more »
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 »
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 »
The Tax White Paper process may be ended, but the structural tax problems remain.
We encourage governments to pursue structural tax reform - particularly focusing on our outdated tax mix and the problems articulated in the Re:think paper re aging population, our over-reliance on income taxes and under-reliance on taxes on consumption.
According to a Corporate Tax Association survey of its members, Fringe Benefits Tax (FBT) is a significant compliance burden on taxpayers and is in need of reform. Whilst there have been some compliance safe harbours developed for FBT log books, other areas need legislative reform to reduce the cost of compliance with little cost to the revenue. Some simple fixes would include: > Allowing for consolidation or grouping... more »
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.
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
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 »
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 »
Maybe as little as 10 years ago there used to be a lot of talk about removing the need for individuals to lodge tax returns. This talk seems to have disappeared in recent years. While I agree that the boat has probably sailed on that idea, I think there is a way to simplify individual tax returns by reducing the need for S&W individuals to claim work related expenses. This could be done using tax cuts to 'give' individuals... more »
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 »
Currently, labels on the income tax returns for reporting foreign income contain only "net income" and "gross income" for various income types. This hides the amount of deductions claimed against foreign income, and in case of individuals - against each income type. It also appears to overly complicate the reporting because the deductions need to be apportioned from D labels for individuals and/or subtracted from income... more »
If a beneficiary is absolutely entitled to a trust asset, they, rather than the trustee, are required to return any capital gain, or claim any capital loss from a CGT event that happens to the asset. A common example that illustrates the significance of this concept is that of a nominee who holds shares on behalf of a principal. If the principal directs the nominee to sell the shares, the principal returns the capital... more »
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 »