Fundamentals of Australian Taxation. Snehal Shah Director GMK Partners Pty Ltd

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1 Fundamentals of Australian Taxation Snehal Shah Director GMK Partners Pty Ltd

2 Disclaimer This presentation is of a general nature only and is not intended to be relied upon as, nor to be a substitute for, specific professional advice.

3 Australian Taxation Legislation and Publications Income Tax Income Tax Act 1986 Income Tax Rates Act 1986 Income Tax Assessment Act 1936 Income Tax Assessment Act 1997 GST A New Tax System (Goods and Services Tax) Act 1999 FBT Fringe Benefits Tax Act 1986 Fringe Benefits Tax Assessment Act 1986

4 Australian Taxation Legislation and Publications Cont. Other Literature Taxation Rulings (Public/ Private), Class Rulings, Product Rulings Taxation Determinations Taxpayer Alerts Australian Taxation Office Interpretative Decisions Australian Taxation Office Decision Impact Statements Practice Statement Law Administration

5 Income tax and Residence Residence residents taxed on worldwide income, non-residents taxed on Australian sourced income Individuals Do they reside in Australia? Where is their permanent place of abode? Were they in Australia for more than half the year? Companies and Trusts Where is their central management and control? Incorporated/ Trustee in Australia?

6 Income tax and Residence Cont. Source does the income have a clear connection with Australia? Effect of DTAs

7 Main Business and Investment Entities Individuals Partnerships Companies Trusts Superannuation Funds

8 Concept of Taxable Income Assessable income Allowable deductions = Taxable Income Assessable income Ordinary income + statutory income Allowable Deductions General deductions + specific deductions Tax Year = 1 July 30 June

9 Capital Gains 50% CGT discount allowed to individuals and trusts if asset held for 12 months or more. Main residence exemption.

10 Tax Payable Tax Payable = Tax on Taxable Income + Medicare Levy + Medicare Levy Surcharge - Rebates and Offsets - Tax Credits

11 Tax Payable Cont Medicare Levy 1.5% of taxable income, payable by residents Medicare Levy Surcharge 1-1.5% of taxable income, payable by certain taxpayers without private health insurance Rebates and Offsets E.g. low income tax offset, net medical expenses tax offset, senior and pensioners tax offset, dependent spouse offset Tax Credits E.g. franking credits, foreign tax credits

12 Resident Tax Rates Taxable income Tax on this income 0 $18,200 Nil $18,201 $37,000 19c for each $1 over $18,200 $37,001 $80,000 $3,572 plus 32.5c for each $1 over $37,000 $80,001 $180,000 $17,547 plus 37c for each $1 over $80,000 $180,001 and over $54,547 plus 45c for each $1 over $180,000

13 Deductions from Salary Income Motor Vehicles Cents-per-kilometre 12% of original value 1/3 of actual expenses Log book Travel from home to work is not considered work-related and therefore is not deductible

14 Deductions from Salary Income Cont. Cents-per-kilometre 2014 Rates per business kilometre Engine capacity Cents per kilometre Ordinary engine Rotary engine 1.6 litre (1,600cc) or less 0.8 litre (800cc) or less 65 cents litre (1,601-2,600cc) litre (2,601cc) and over litre (801-1,300cc) 76 cents litre (1,301cc) and over 77 cents

15 Deductions from Salary Income Cont. Self Education Expenses Incurred in maintaining or improving taxpayer s skills in relation to current occupation, not future occupation (i.e. tertiary study expenses not deductible if prior to employment) Training and Seminars Must be related to taxpayer s occupation, can include registration fees, travel costs and accommodation and meal costs

16 Deductions from Salary Income Cont. Home Office Expenses A proportion of running costs (such as electricity, heating, cooling, and cleaning) relevant to the home office can be deducted. Proportion based either on records kept, or at a prescribed fixed rate (currently 34 cents per hour) Union Fees This covers annual membership fees, rather than joining fees (which are also deductible but only up to a prescribed limit)

17 Deductions from Salary Income Cont. Supplies Depreciation Usually on items such as computers and home office furniture, and must be apportioned between private and work related use Other Work Related Expenses Work-related memberships and subscriptions Other travel expenditure

18 General Deductions Income Protection Insurance Life insurance not included Interest and Dividend Deductions Bank account-keeping fees Interest on loans used to fund share purchase Cost of Managing Tax Affairs (e.g. tax return preparation fees)

19 General Deductions Cont. Personal Superannuation Contributions Eligibility criteria Gifts (in cash, in kind) Must be to a Deductible Gift Recipient Cannot be claimed if something was received in return

20 Income from Dividends Franking System Operates to avoid double taxation of a company s profits in the hands of both the company and the shareholder An amount representing the tax paid by the company is attributed to dividends paid to shareholders, with this amount then being claimable as a tax offset to the shareholder

21 Income from Investments Negative gearing Where the income from an investment is less than the related deductions usually as a result of high levels of interest deductions

22 Salary Sacrifice Employee forgoes salary in return for employer making payments on his / her behalf. Employer may be subject to Fringe Benefits Tax on payments made on behalf of employee Effective when: Salary sacrifice is for FBT-free or concessionally taxed items e.g. superannuation, laptops, or Employer enjoys FBT concessions, e.g. public benevolent institutions, hospitals.

23 Contact Details Snehal Shah Director GMK Partners Pty Ltd Level 27, 150 Lonsdale Street, Melbourne 3000 P: (03) E:

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