By Terry Hayes on July 23, 2010
Tax simplification – 2 words that ring in the ears of taxpayers and tax agents every time they are faced with interpreting or complying with the tax laws. It’s the same the world over. Australia is no exception – it’s just that our tax laws seem to need more simplifying than most. Take the 2010 ...more
Posted in Terry Hayes' Blog | Tagged simplification, Tax |
By Terry Hayes on April 29, 2010
Probably not! Or at least not soon! Division 7A has been causing practitioners headaches since (and even before) the day it was enacted. The provisions have been amended several times and we’ve had rulings on them. Most recently, a controversial ATO ruling (Draft TR 2009/D8) threatens more problems. It gives the ATO’s views on the ...more
Posted in Terry Hayes' Blog | Tagged div 7a, division 7A, Tax |
By Terry Hayes on April 15, 2010
What comes first – the chicken or the egg? The Budget or the Henry tax review report? According to the Treasurer, it will be the Henry review first, then the Budget. Yes, there will be a Budget this year – and it’s not far away. But what will it bring? The Federal Government potentially finds ...more
Posted in Terry Hayes' Blog |
By Terry Hayes on April 13, 2010
Australia is good at taxing stuff. All sorts of stuff, like interest income, dividend income, capital gains, profits, etc. But the way we tax stuff, and how much we tax it, is often a bone of contention. Take savings. As a nation, we have regularly been scolded for not being good savers, and why would ...more
Posted in Terry Hayes' Blog | Tagged Henry Review, Tax, Tax Review |
By Terry Hayes on April 9, 2010
It’s 9 April 2010, and the public release by the Government of the Henry tax system review must be getting nearer, mustn’t it! It’s all a bit like Christmas eve with the anticipation in everyone’s eyes – to paraphrase – … and all through the house, not a thing was stirring, not even the Henry ...more
Posted in Terry Hayes' Blog | Tagged Henry Review, Tax Review |
By Terry Hayes on March 29, 2010
The small business CGT exemptions can reduce or eliminate a capital gain made on a CGT asset that has been used in a business. The 4 exemptions or concessions available are the 15-year exemption, the 50% reduction, the retirement exemption, and the roll-over concession. The Tax Office is concerned that taxpayers are making mistakes in ...more
Posted in Terry Hayes' Blog |
By Terry Hayes on March 11, 2010
You might be surprised! We all know about Big Brother and the use to which tax information is now put. The ATO’s data-matching activities tap all kinds of sources, but the information flows the other way as well ie from the Tax Office. The ATO jealously guards the tax information it receives, although it does ...more
Posted in Terry Hayes' Blog |
By Terry Hayes on March 8, 2010
The press has recently carried reports of concerns among in-house tax advisers about how the provisions of the new Tax Agent Services Regime might affect them. The new Tax Practitioners Board has been looking at this issue. It said suggestions had been made that there may be an anomaly in the case of a wholly ...more
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