ASB Consulting & Tax blog

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Trust Distributions
Government Updates

When trust distributions to a company are left unpaid

When trust distributions to a company are left unpaid What happens when a trust appoints income to a private company beneficiary but does not actually make the payment?   The tax treatment of this unpaid amount was at the centre of a recent case before the Administrative Appeals Tribunal (AAT) that saw a taxpayer successfully challenge the ATO’s long held position (Bendel and Commissioner of Taxation [2023] AATA 3074).   For many years, the ATO’s

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November 20, 2023
Wage theft
Government Updates

Up to 10 years in prison for deliberate ‘wage theft’

Up to 10 years in prison for deliberate ‘wage theft’ Legislation currently being debated in Parliament will introduce a new criminal offence for intentional “wage theft”. If enacted, in addition to the criminal offence, a fine will apply. The fine is three times the underpayment and:   For individuals – 5,000 penalty units (currently $1,565,000). For businesses – 25,000 penalty units (currently $7,825,000).   The reforms are not intended to capture unintentional mistakes and a

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November 13, 2023
Workers owed $3.6bn in superannuation guarantee 
Superannuation

Workers owed $3.6bn in super guarantee

Workers owed $3.6bn in superannuation guarantee   Workers are owed over $3.6 billion in superannuation guarantee according to the latest Australian Taxation Office estimates – a figure the Government and the regulators are looking to dramatically change.   Superficially, the statistics on employer superannuation guarantee (SG) compliance look pretty good with over 94%, or over $71 billion, collected without intervention from the regulators in 2020-21.   The net gap in SG has also declined from

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November 8, 2023
Self-education: What can you claim?
Business

Self-education: What can you claim?

Self-education: What can you claim?   The Australian Taxation Office have released a new draft ruling on self-education expenses. We revisit the deductibility of self-education expenses and what you can and can’t claim.   If you undertake study that is connected to your work you can normally claim your costs of that study as a tax deduction – assuming your employer has not already picked up your expenses. There is also no limit to the

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October 31, 2023
30% tax on super earnings above $3m
Superannuation

30% tax on super earnings above $3m

30% tax on super earnings above $3m   Treasury has released draft legislation to enact the Government’s plan to increase the tax rate on earnings on superannuation balances above $3m from 15% to 30% from 1 July 2025. This is the final step before the legislation is introduced into Parliament and a step closer to reality.   The draft legislation appears largely unchanged from the Government’s original announcement.   The proposed calculation aims to capture

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October 24, 2023
The ‘Airbnb’ Tax
Government Updates

The ‘Airbnb’ Tax

The ‘Airbnb’ Tax   Property investors that choose to utilise their property for short-term stays (or leave it vacant) are firmly in the sights of the regulators.   The Victorian Government’s recent Housing Statement announced Australia’s first short-stay property tax. The additional tax, which is scheduled to come into effect from 1 January 2025, is expected to generate $70 million plus annually. The Short Stay Levy will be set at 7.5% of the short stay

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October 17, 2023
$20k deduction for ‘electrifying’ your business
Government Updates

$20k deduction for ‘electrifying’ your business

$20k deduction for ‘electrifying’ your business   Electricity is the new black. Gas and other fossil fuels are out. A new, limited incentive nudges business towards energy efficiency. We show you how to maximise the deduction!   The small business energy incentive is the latest measure providing a bonus tax deduction to nudge the investment behaviour of small and medium businesses, this time towards more efficient energy use and electrification. Fossil fuels are out, gas

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October 10, 2023
objective of super
Business

Legislating the ‘objective’ of super

Legislating the ‘objective’ of super The proposed objective of superannuation released in recently released draft legislation is: ‘to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way.’   The significance of legislating the objective of super is that any future legislated changes to the superannuation system must be in line with this objective. It’s a fairly broad definition. For example, “equitable” seeks to address the distributional

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October 3, 2023
Intergenerational Report
Business

Key takeaways from the Intergenerational Report

Key takeaways from the Intergenerational Report   The shape of Australia’s future What will the Australian community look like in 40 years? We look at the key takeaways from the Intergenerational Report.   The 2023 Intergenerational Report (IGR) is a crystal ball insight into what we can expect Australian society to look like in 40 years and the needs of the community as we grow and evolve. It doesn’t map out our path to flying

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September 26, 2023
taxpayer who was paid too late
Tax

The case of the taxpayer who was paid too late

The case of the taxpayer who was paid too late   What a difference timing makes. A recent case before the Administrative Appeals Tribunal (AAT) is a reminder about the tax impact of the timing of employment income.   In this case, the taxpayer was a non-resident working in Kuwait. As part of his work, he was entitled to a ‘milestone bonus’ but, the employer was not in a position to pay the bonus at

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September 19, 2023