Supporting Australian art - proposals to reform the taxation of artworks

By Michael Fox on 10/11/2016 in Artwork tax deduction, Self-managed funds, Artists, Superannuation, Capital gains tax, Taxation of the arts industries, Super art

The super art laws are consistent with the original intent of the CGT rules in deterring speculation in art – but the impact on the livelihood of artists from these changes warrants reform to the taxation of artwork. Proposals to provide taxation incentives for artists should be made where it is also beneficial for the integrity and efficiency of the Australian taxation...

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Overview of the 2016 Federal Budget

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

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, Resale royalties, Negative gearing, Federal budget, Company tax, Artists, Superannuation

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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Summary of announced tax changes in the 2015 Federal Budget

By Michael Fox on 15/5/2015 in Car expenses, Small business, Depreciation, GST, Superannuation, Capital gains tax

The Government has announced tax reductions for small businesses with an aggregated annual turnover below $2m regardless of entity type. For companies, the company tax rate will be reduced by 1.5% to 28.5%. Maximum franking credit rates for a distribution will remain unchanged at 30%. For taxpayers operating through an unincorporated business structure (partnerships, tr...

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Important Tax Changes Post 2016 Federal Election

By Michael Fox on 26/9/2016 in Business tax returns, Individual tax returns, Non-resident taxation, GST, Self-managed funds, Superannuation

Most individual returns will be due to be lodged by the end of next month, unless you are represented by a registered tax agent like myself. If you are not currently on my list, I will need to add you by 31 October to ensure that your return can be lodged in 2017. from 1 July 2017, the annual non-concessional (after tax or personal) super contribution will reduce from $18...

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