(@chainsaw) kudos icon +

Tell it to the Tax Office

Superannuation Salary Sacrifice.

Ruling needs to be made to instruct employers to forward pre tax salary sacrifice to Suoer funds in a timely manner.
Employers do not have any right to hold on to thousands of dollars of my money for months when it should be in my Super fund adding to my retirement benefits.
SG money can be sent each quarter. Pre tax Salary Sacrifice should be sent at the very least each month if not it should be sent to Super fund with... more »
(@penny) kudos icon +

Tell it to the Tax Office

Job Keeper

I wasn't sure where to raise this issue but I think there is a big flaw in job keeper payment and that is that it is being paid to children still in high school doing their HSC who live at home with mum and dad and may typically work only a couple of shifts a week. I know an example of one girl who works 3 hours a week in a coffee shop and is now getting $750 per week because she is over 18. I think to alleviate the problem... more »
(@moderatorboardoftaxationsecretariat) kudos icon +

Too taxing: reducing red tape

Ability to appoint multiple public officers

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 »

Voting

4 votes
4 up votes
0 down votes
(@moderatorboardoftaxationsecretariat) kudos icon +

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 »

Voting

2 votes
3 up votes
1 down votes
(@anita.wildman) kudos icon +

Too taxing: reducing red tape

Cut compliance - Borrowing Costs Threshold to be increased

Currently if your total borrowing expenses are more than $100, the deduction is spread over five years or the term of the loan, whichever is less. i.e. $20 per year - to me this is immaterial and a waste of time to require a whole process to keep track off/carry forward this information. It adds time/cost to the client to do it correctly. I think we should increase this to say $10,000. There is no loss to the revenue,... more »

Voting

2 votes
2 up votes
0 down votes
(@kitmorgan64) kudos icon +

What were they thinking

Incorrect CGT small business entity requirement in 328-430

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 »
(@anita.wildman) kudos icon +

Too taxing: reducing red tape

Why cant SBE that are not pooling access the IAWO?

Unless SBE clients are using simplified depreciation s328-180 e.g. pooling they can not access the instant asset write off.

Yet medium sized businesses can access the instant asset write off s40-82.

So what about SBE that have chosen not to use simplified depreciation - they just miss out on the IAWO all together?

The compliance cost of adding all assets to a pool and starting simplified depreciation is a compliance... more »
(@michaelc) kudos icon +

What were they thinking

ESS start up options held by associates

Amendments were made to the employee share scheme rules in 2015 to introduce concessions for small start up companies. If certain conditions are met, the discount provided in relation to shares / options is not included in the assessable income of the employee. Section 115-30 has been amended to ensure that for the purpose of the CGT discount, when options are issued under the start up rules the ownership period is not... more »
(@leacalais) kudos icon +

Too taxing: reducing red tape

Removing S&W deductions from tax returns using tax cuts

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 »
(@onesuperidea) kudos icon +

What were they thinking

Superannuation on resignation

When an employee leaves they are paid annual leave and long service leave, but no superannuation. This means that when an employer won't let the employee work out their leave, the employee misses out on the super. This is unfair and confusing.

The super for the annual leave is confusing. Under the Fair Work Act 2009 Section 90 it says
"If, when the employment of an employee ends, the employee has a period of untaken... more »
(@elinor.kasapidis.cpaaustralia) kudos icon +

What were they thinking

Redundancies after the age of 65 aren't 'genuine' – is it fair?

Subsection 83.175(2)(a) of the Income Tax Assessment Act 1997 requires that the employee is dismissed before the day he/she turns 65 to satisfy the genuine redundancy provisions. The provision was inserted in July 2007 as part of the Tax Laws Amendment (Simplified Superannuation) Bill 2007. No mention of this provision was included in the Explanatory Memorandum, nor in the second reading speeches. The earlier Treasury... more »
(@leacalais) kudos icon +

Too taxing: reducing red tape

Bright line tests for potentially capital expenditure

There are a number of categories of expenditure which can be either capital or revenue in nature (depending on case law) or are capital items with write off provisions attached (eg borrowing costs). Someone actually made this suggestion in the context of a senate inquiry a few years ago - why not simply have statutory maximums set for these kinds of expenses so that people can treat these items as revenue and write them... more »
(@tanya69) kudos icon + Implemented

Too taxing: reducing red tape

PAYG income instalments - sending to ATO

For payg income instalments, if these are varied and/or it is applicable to choose Option 1 or 2 (due to new income assessment year), the original has to be signed and sent to the ATO by the due date for lodgement . My question is, why in this world of technically and online portals - that this form cannot be digitally signed and uploaded via a link in the business portal to the ATO. Why do we still need to post anything... more »
(@anita.wildman) kudos icon +

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 »