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Review of CGT Roll-overs

Corporate Tax Transparency Code

Sounding Board

Ideas for better tax regulation

  • Increase the Tax-Free Threshold for small business owners

    Increase the tax-free threshold for small business owners on a rising scale up to $120,000 depending on the amount of staff they employ and the amount of GST they generate. BENEFITS: Owners will be encouraged to show all income as this will improve the bottom line for things like: value of business, getting loans, business more salable. Reduce the "Black economy". They will be more likely to employ more staff therefore increasing payroll tax. Sales will be higher therefore more GST collected. It will reduce unemployment levels. Encourage more people to be self-employed. Give a more accurate picture of the economy. Greater job satisfaction. More pride in the business. DOWNSIDE: Less personal income tax will be collected from tax returns of business owners. Currently many small businesses generate more tax than they earn. Many earn less than some of their staff. They work longer hours. Collectively they employ about 46% of the workforce and generate about 93% of this countries GDP. If we don't make it more profitable for small business owners this sector (the golden goose) of our economy will be reduced putting a lot more pressure on the government to reach their financial targets.

  • Anti hybrid rules: related parties in s 832-200

    The anti hybrid rules broadly apply to payments between related entities. For most mismatches, whether entities are related is worked out by reference to their participation interest in section 350 of the 1936 Act but excluding any rights to vote or participate in decision-making (section 832-205). However, such rights are not excluded for the purpose of determining participation interest (and therefore whether the parties are related) for the financial instrument mismatch (section 832-200(4)). What is the rationale for the different approach? This imposes a greater compliance burden for one particular type of mismatch.

  • Unfair Departing Australia Superannuation Tax Rate

    Tax rate of 65% should only be applied only on the period whilst foreign worker is using Work and Holiday Maker visa. It is unfair for those who stayed in Australia for years, yet they got taxed 65% for the whole time they lived in Australia just because they used Work and Holiday Maker visa for some time.

Meetings & events

  • 21 Feb 2020 - Melbourne
  • 27 Mar 2020 - Sydney
  • 30 Apr 2020 - Brisbane