Overview of the 2016 Federal Budget

By Michael Fox on 23/5/2016 in Company tax, Resale royalties, Family trusts, Innovation, Valuation, Negative gearing, Federal budget, Super art, GST, Superannuation, Artists, Taxation of the arts industries

The government was elected in 2013 without an arts policy and it has run an almost full term without being able to enunciate one. In the Tony Abbott era, no direct tax measures for the arts were announced and the model of peer-reviewed grants funding, based on the 2002 Myer Report, endorsed by John Howard and supported by the Rudd-Gillard administrations, was overturned. T...

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There has never been a more exciting time not to be an employee

By Michael Fox on 20/4/2016 in Car expenses, Non-commercial losses, Company tax, Resale royalties, Negative gearing, Federal budget, Superannuation, Artists

The Federal Budget is less than a month from being announced, however it is becoming apparent the policy direction of the Turnbull government is moving towards granting tax concessions to business at the expense of time-honoured employee tax deduction rights. 2016 has already witnessed unruly speculation over broadening the base and/or rate of the GST; changes to the neg...

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Super art and the small business write-off measures – a strategy suggestion for SMSFs

By Michael Fox on 13/10/2015 in Depreciation, Valuation, Small business, Capital gains tax, Resale royalties, Self-managed funds, Super art

The depreciation provisions in the recently legislated Small Business Measures offers some super funds a tax-effective strategy to transfer their artwork investments to their members prior to a looming compliance deadline. From 1 July 2016, all artworks must comply with new display, storage, insurance and related-party requirement as the five year grandfathering clause in...

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