Money Work-related tax deductions could be on the chopping block as government faces calls to rewrite rules
Canada will track suicide risk through social media with AI
The Canadian government is partnering with AI firm Advanced Symbolics to try to predict rises in regional suicide risk by monitoring social media posts. Canada isn't the only one turning to technology in order to provide better support for those considering suicide or to prevent suicides from happening. In November, Facebook began a global rollout of its AI suicide prevention tools that reach out to users who post content that could be a sign of suicidal thought and allow other users to report content that they think might show signs of suicidal risk.
An Important Tax Deduction for Seniors and Their Families Is on the Chopping Block . As of now, individuals can deduct their own expenses and those of their tax dependents, which includes aging Here’s how the deduction works : let’s say a single senior with ,000 in annual gross income has
There was an error decoding this link. Please try the link again, or contact the sender of the email.
A tax industry body has made a plea for the federal government to radically reconsider how taxpayers claim tax deductions for work-related expenses, including floating the idea that Australia scrap work-related claims entirely.
In a pre-budget submission, The Tax Institute says the current state of play for work claims adds too much complexity to the system and “imposes additional compliance costs on individuals wanting to claim expenses because they have to comply with strict substantiation rules”.
The Tax Institute suggests one option could be to introduce a standard deduction limit, of $1000 or more. Workers could claim this standard deduction and then have to provide documentation if they wanted to claim any other deductions above this amount. Reports emerged earlier this year that the federal government was considering placing a universal cap on individuals’ claims.
Twitter responds to calls to ban Trump
The calls for Twitter to block Trump were renewed on Tuesday after the president boasted about his “nuclear button."The calls for Twitter to block Trump from its service were renewed on Tuesday after the president boasted his “nuclear button” was “much bigger” than the one Kim Jong Un said was on his desk.
Server is too busy .
House Republicans have called for eliminating the popular property tax deduction - one claimed by millions of New Jerseyans and Pennsylvanians - as part of a plan to simplify the For a homeowner near the top tax bracket, it could mean saving more than ,000. That benefit, though, might not last.
However, The Tax Institute also suggests the government could go further and remove work-related expenses from the system altogether, in a similar way to New Zealand. This option would invoice “a suitable adjustment to marginal tax rates (which we would suggest would be an overall lowering of marginal rates at all levels),” the Tax Institute argues.
In the 2014-15 financial year, $22 billion dollars was claimed in work-related expenses in Australia. In July, Tax Commissioner Chris Jordan said this figure includes a large volume of people claiming more than they should.
“While each of the individual amounts over-claimed is relatively small, the sum and overall revenue impact for the population involved could be significant – in the vicinity of, or even higher than the large market tax gap of $2.5 billion,” he said at the time.
Labor, Coalition reject sugary drink tax
Labor and the Coalition believe tackling obesity in Australia is a challenge but neither will support a tax on sugary drinks. The Australian Medical Association wants the government to tackle the nation's obesity crisis with a tax and advertising bans.The proposed sugary beverage tax and ban on advertising junk food to children - especially during sporting events - are among the AMA's recommendations in its statement on nutrition in 2018.
It has also been a boon to home builders, construction workers , the financial services industry and local governments that benefited from fatter real estate tax revenue. But nearly a century after coming into existence, the mortgage deduction may face a day of reckoning.
And thanks to the time-honored tax deduction for mortgage interest, she said, their new (Page 2 of 2). Such a change would generate billions of dollars in federal revenue that could be used to cut the deficit while inflicting little pain on most middle-class homeowners.
Senior counsel for the Tax Institute, Bob Deutsch, told SmartCompany that while he doesn’t believe scrapping the claims category altogether is “politically likely”, it’s important to put options like this on the table given there are current problems with how workers make their claims.
No talk of boycott at Margaret Court Arena
Nick Kyrgios says he will try to "block out" Margaret Court's views on sexuality if he plays on her namesake court at the Australian Open. Margaret Court's controversial views remain a talking point at Melbourne Park but leading players have shied away from suggestions of a boycott at her namesake arena.Tennis trailblazer Billie Jean King on Friday used the occasion of being named Australian Open woman of the year to call for the renaming of Margaret Court Arena.
Tax deductions on the chopping block . With an increase in the GST now off the table, the Turnbull government is considering abolishing work - related deductions altogether as one way of funding lower income tax rates.
This equivalence between tax deductions and government spending leads economists to call them “ tax It’s hard to see how you could be against government spending or against mandates, yet for The non-partisan Tax Policy Center has done some great work shining a statistical spotlight on these
“It’s definitely worth putting out there, though it is less likely to be met with acceptance … but what we’re trying to grapple with here is that deductions are problematic for the tax office,” he says.
While other jurisdictions like the UK place stricter limits and have clearer terms on when work deductions can be claimed, the Tax Institute argues the rules for claiming different expenses in Australia — from home offices to clothing — are currently too complicated.
Over the past year the Australian Taxation Office has expressed the view that Australians do not understand when they are legitimately allowed to claim deductions for clothing, vehicles and workplace expenses.
Founder of Healthy Business Finances, Stacey Price, says the concept of scrapping work deductions in favour of changes to personal income tax rates will likely be very unpopular, as taxpayers will not be able to easily understand the benefit to them.
However, simplifying the claims system would help the tax agent community, as misunderstandings from clients about workplace claims are common.
Queensland warned to expect more covert speed cameras
Drivers hate them and the police union claims frontline officers do too but despite the calls to cease using them, Queensland Police say hidden speed cameras are here to stay. Police have defended the use of covert speed cameras on Queensland roads as a way of saving lives."We do need to get our road toll down," Assistant Commissioner Mike Keating said.A Monash University study has shown covert speed cameras can reduce serious accidents by 30 percent, with police claiming that is why they are necessary.But Queensland Government budget papers tell a different story.
blog 'tonybradley.blogdetik.com' is not exists.
The federal government may soon target key tax deductions many middle class homeowners rely on. How can they do that and at the same time raise taxes on the middle class?" said Schumer.
“For tax agents, [simplification or removing the claims] would eliminate an area that does generate a lot of scrutiny,” Price says.
The big challenge with the system at the moment is that taxpayers often approach accountants thinking that they can make a claim that isn’t valid.
“People can try to educate themselves first about claims, which is great, but [it] can also be a downfall,” she says.
“They just Google ‘workplace deductions’ and then go hell for leather.”
Accounting body CPA Australia is more cautious about the concept of introducing a standard claims amount for work-related expenses.
“A standard deduction for all taxpayers may seem appealing on simplicity grounds but we believe it fails on equity grounds,” Paul Drum, head of policy at CPA Australia, says.
However, Deutsch tells SmartCompany placing a standard deduction amount in place would work if taxpayers were allowed to claim above that amount by providing proof they had incurred legitimate expenses.
While changes to how work-related expenses are claimed could form part of a broader review of the system, Drum says the idea of removing them entirely is also not the way to go.
“If work-related expenses were to be removed, we believe providing adequate compensation through changes to marginal tax rates would be unaffordable,” Drum told SmartCompany.
The horrifying truth about The Block's Gatwick property .
The Block are about to start filming at the infamous Gatwick property and insider has revealed the horrific truth about how much of a drug den it was.Channel Nine bought the decrepit property last year for an eye-watering $10 million. But now that producers are prepping the hotel for filming (and the new Blockheads to move in), they've had to call in specialist forensic teams to clean up the mess.
PBS NewsHour full episode December 21, 2017
Thursday on the NewsHour, we break down the fine print and sweeping changes of the final Republican tax bill. Also: The lasting influence President Donald Trump will have on the judiciary,...
Tax Reform: What it Means for Millennials
Caroline Bruckner hosts a panel of American University alumni and other experts from the Kogod School of Business, School of Public Affairs and Washington College of Law who have been advising...
Similar from the Web
An Important Tax Deduction for Seniors and Their Families Is on the Chopping Block . As of now, individuals can deduct their own expenses and those of their tax dependents, which includes aging Here’s how the deduction works : let’s say a single senior with $40,000 in annual gross income has