VFacts November 2023

[FTE217]

Originally Posted by Wretched

I'd love to see those rules tightened up and enforced. The impact would be very interesting.

old news was changed in July by Albo gov
https://www.carexpert.com.au/car-new...s-been-slashed
and the ATO is cracking down on small business who has been abusing the system
https://www.9news.com.au/national/at...d-a6a139d8216d

Nothing new here to me - you'd be silly if you didn't look to reduce tax's being your paying so much in other parts of your business that eat into profits.
Works both ways.
If it not this was another hole another decade, what goes around comes around.
Worry about corporates more than small business fellas.

[Wretched]

Originally Posted by FTE217

Nothing new here to me - you'd be silly if you didn't look to reduce tax's being your paying so much in other parts of your business that eat into profits.
Works both ways.
If it not this was another hole another decade, what goes around comes around.
Worry about corporates more than small business fellas.

eh, dubious at best as a "business vehicle."
Nah, let the ATO sort them out. Then we'll see how many are really business vehicles and how many legit ABNs.
You do realise ATO can do two things at once

[Dr Smith]

Originally Posted by FTE217

old news was changed in July by Albo gov
https://www.carexpert.com.au/car-new...s-been-slashed
and the ATO is cracking down on small business who has been abusing the system
https://www.9news.com.au/national/at...d-a6a139d8216d

Nothing new here to me - you'd be silly if you didn't look to reduce tax's being your paying so much in other parts of your business that eat into profits.
Works both ways.
If it not this was another hole another decade, what goes around comes around.
Worry about corporates more than small business fellas.

So true, just look up what the income generated from some of the gas fields up north are and what they pay in tax or some of the sales revenue vs profit of the tech companies and it pales in comparison to some FBT or vehicle purchase tax deductions. Inter-company loans created to offset local sales profits means virtually nothing into the local economy from the overseas owned companies.

I wonder if Ford or Toyota will chase the #1 vehicle sales. With Ford having their own dedicated ship does Toyota have the capacity available to ship more across?

[Franco Cozzo]

Originally Posted by Dr Smith

So true, just look up what the income generated from some of the gas fields up north are and what they pay in tax or some of the sales revenue vs profit of the tech companies and it pales in comparison to some FBT or vehicle purchase tax deductions. Inter-company loans created to offset local sales profits means virtually nothing into the local economy from the overseas owned companies.

I wonder if Ford or Toyota will chase the #1 vehicle sales. With Ford having their own dedicated ship does Toyota have the capacity available to ship more across?

It's easier to chase me and you for tax revenue than go after a huge multinational with the resources to tie up the ATO in court for years. If you get to that kind of scale you don't pay taxes, that's for everyone else unfortunately.