Can government fix it: policy improvements

There is considerably uncertainty in the automotive industry as to which dealer incentives are subject to GST and which are not. Amend GST law to provide clarity by ensuring all dealer incentives are subject to GST.

Currently, employers must collect and report monthly wages information and annual reconciliations for each State using various systems/forms. Members of a group then also require a Designated Group Employer (“DGE”) to lodge a separate annual reconciliation for each State summing the wages information for every group company both in the relevant State as well as Australia wide (in order to apply State payroll tax thresholds on a group basis).

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.

There are currently 3.5million Australians receiving the Job Keeper subsidy, and 1.3 Million receiving Job Seeker. Within those 4.8 Million Australians currently displaced, we have a lot of individuals who are highly skilled and educated outside of their occupation.

For example, the below indicates different occupations that if given the Platform, could connect with each other. And either use their primary skills, or secondary skills to generate some kind of economic benefit. Create some kind of product, or service, or collaborative opportunity.

The instant asset write of rules are great for eligible businesses, but larger corporate entities are still having to capitalise and depreciate low value assets for tax that are often expensed for book purposes. At a minimum, it would be beneficial to simply allow an immediate tax write off for minor assets that are expensed for accounting purposes (ie, those that fall below the asset recognition threshold).

It is UNJUST and UNFAIR!

I am a single Mother of three children under the age of 10 years old. Our residential status is Temporary Residents. I work as a Sole Trader: Uber Driver and Menulog Courier for more than 14 hours every day, sometimes 18 hours, simply to deliver the essentials for my children. In FY 2020 my estimated taxable income is $53 000. According to ATO Tax Calculator I must pay around $8 000 tax. I do not have any savings. I cannot pay my tax. Then I will be in debt.

Public tax transparency laws should be changed to require the ATO to publish current year accounting profit/loss extracted from the tax return as well as the current total turnover, taxable income and taxes payable figures. This should help in the public's understanding of company tax performance and reduce the chance of the current data being used in a misleading fashion. It also better aligns with what companies will be publishing as part of the tax transparency code.

The current threshold for which a valid GST tax invoice must be held in order to claim input tax credits is $82.50 GST inclusive. This threshold imposes large administrative costs on businesses. Propose the threshold be increased to $150 GST inclusive.

Currently, a Self-Managed Superannuation Fund (SMSF) can remain an Australian superannuation fund even where its central management and control is temporarily outside of Australia for up to two years. However, this timeframe is too short in the context of modern work arrangements. Propose the exemption be increased to allow a fund's central management and control to be temporarily outside Australia for up to four years.

Currently excise applies to crude oil and condensate produced from onshore petroleum fields. Production below a threshold of 30 million barrels per field is excise-free, but producers must still register as manufacturers of excisable goods. This means that onshore producers must meet the ongoing verification, administrative and compliance requirements imposed by the excise regime.