The Board of Taxation is a non-statutory advisory body charged with contributing a business and broader community perspective to improving the design of taxation laws and their operation.
Ideas for better tax regulation
SAPTO transfer to spouse: formula update
A formula in regulation 12(3)(b)(ii) in INCOME TAX ASSESSMENT (1936 ACT) REGULATION 2015 still contains figures $6,000 and 15% which appear to be references to old income tax rates and tax-free threshold. Subregulation 12(4)(a) contains a reference to $6,000. Based on this regulation, presently taxpayers with taxable incomes falling within the $18,200 tax-free threshold may not be able to transfer unused SAPTO to their spouse in full. The regulations on transferring the unused SAPTO should be amended to fix this anomaly and enable low-income taxpayers to transfer SAPTO to their spouses. ATO QC 48694
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 previously permitted contribution of $540k. The issue affects those taxpayers who as a result of the original announcement did not take advantage of the old NCC cap prior to 30 June 2016 and happened to turn 65 before the revised Government announcement in September 2016. This unfairly disadvantages such taxpayers.
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 take an active interest in every one of these awful occurrences looking for both criminal and civil bases of action, always trying to get compensation for the victim employee/former employee. The email chain is in the attached 'Word' document.
Meetings & events
- 7 Dec 2017 - Melbourne
- 19 Oct 2017 - Perth
- 14 Sep 2017 - Sydney