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Extra 15% contributions tax for $300,000+ incomes - 29th July 2013
From 1 July 2012, individuals earning above $300,000 must pay an additional 15% tax on concessional contributions. That is, the effective contributions tax has doubled from 15% to 30% for concessional contributions (up to the cap of $25,000 or, for older taxpayers from 2013-2014, $35,000) made on behalf of individuals above the $300,000 income threshold.
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Individual denied interest deduction - 22nd July 2013
In a recent decision, the Administrative Appeals Tribunal (AAT) has affirmed a decision of the Tax Commissioner to deny a taxpayer’s claim for a personal deduction for interest and bank fees of over $120,000. These were incurred over a two-year period in relation to rental properties purchased by a family discretionary trust that had been set up for that purpose, and of which the taxpayer was the trustee.
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Overseas doctor a tax resident of Australia - 15th July 2013
Adoctor has been unsuccessful before the AAT in arguing that he shouldbe declared a non-resident of Australia for tax purposes. The doctorhad been working in East Timor since 2006 and submitted that heresided in East Timor as that was where he spent his time andlived.
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Partnership denied GST credits - 8th July 2013
The AAT has held that a partnership was not carrying on an enterprise and was not entitled to input tax credits claimed in respect of the relevant period.
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