Trade Dunkley

[bornadog]

A good accountant can hide loads of money.

Playing AFL, and being on a salary limits your options. In the UK the players have been allowed to form companies and trusts and lower their tax to the company tax rate. Players can't do that here, so they will still pay a shit load of tax. There still some options here and there.

BTW, I am a CPA but not tax expert, but still know enough to be dangerous

[Bulldog Joe]

A good accountant can hide loads of money.

Not really in the modern world.

You can do some legitimate things to create deductions and expenses can be paid in advance, but it is really deferring tax until your rate reduces.

Some structures around companies and trusts help, but it requires all the expenses to be deductible up front and the income from that to be split in some way. It is pretty marginal.

[ledge]

Not really in the modern world.

You can do some legitimate things to create deductions and expenses can be paid in advance, but it is really deferring tax until your rate reduces.

Some structures around companies and trusts help, but it requires all the expenses to be deductible up front and the income from that to be split in some way. It is pretty marginal.

And if you want to throw it into super I think the max is only an extra 25000 a year.

[1eyedog]

Not really in the modern world.

You can do some legitimate things to create deductions and expenses can be paid in advance, but it is really deferring tax until your rate reduces.

Some structures around companies and trusts help, but it requires all the expenses to be deductible up front and the income from that to be split in some way. It is pretty marginal.

I guess it depends on what type if business you run and who works for you i.e. the number of family members. I run my own company, outdoors, part science part construction and can tax just about any purchase from accommodation.(holidays) to work vehicles, all my camping gear, my boat, office equipment etc. etc. it works out well at my end.

[Axe Man]

A good accountant can hide loads of money.

I think you are confusing good and dodgy.

BTW, I am a CPA

Well there you go, so am I.

[1eyedog]

I think you are confusing good and dodgy.



Well there you go, so am I.

Oh yeah so I was.

[Bulldog Joe]

And if you want to throw it into super I think the max is only an extra 25000 a year.

It is not even an extra. The SGC payments use most of that allowance.

[Bulldog Joe]

I guess it depends on what type if business you run and who works for you i.e. the number of family members. I run my own company, outdoors, part science part construction and can tax just about any purchase from accommodation.(holidays) to work vehicles, all my camping gear, my boat, office equipment etc. etc. it works out well at my end.

Limited for footballers. Personal services income can't be split.

Lots more opportunities with a legitimate business.

[Twodogs]

All those tax minimisation scenes died at the bottom of a harbour!

[bornadog]

Well there you go, so am I.

Oh yeah so I was.

Yeah I have my own business these days, and not in accounting anymore, just kept the membership up.

[bulldogsthru&thru]

Yeah I have my own business these days, and not in accounting anymore, just kept the membership up.

Accounting related or something completely different?

[bornadog]

Accounting related or something completely different?

Not accounting related as such - I work with large companies to reduce their costs.

[Throughandthrough]

There actually is a special tax ruling that applies to high paid sportspeople in Australia

https://www.heraldsun.com.au/sport/a...caaeee77317fef


FL stars to pocket tax breaks after Australian Taxation Office ticks off image rights deal
Michael Warner, Herald Sun
February 10, 2015 9:00pm
AFL stars will pocket tax breaks on their football income under an image rights deal ticked off by the Australian Taxation Office.

Changes to the league’s player contract rules will allow players to divert up to 30 per cent of their club wages to a private company or trust.

Companies and trusts are subject to lower tax rates than the top personal income tax bracket of 49 cents in the $1.

A ranking system measuring on-field achievements including all-Australian selection, best and fairest results, Brownlow Medal placings, premierships and rising star nominations will be used to determine how much money a player can assign for the use of their image.

Fringe players can divert 5 per cent of their wages and middle-ranked players between 10 and 25 per cent.


Only first and second-year players, rookies and players on minimum salaries are ineligible.

Details of the arrangement sent to player agents by the AFL Players’ Association yesterday reveal a player earning $750,000-a-season will be permitted to direct $217,500 to a third-party image rights company where it will be subject to a lower tax rate.

A player earning $350,000 could allocate $52,500, paying full tax on $297,500.

The scheme starts this season.

“The Australian Taxation Office accepted and confirmed that a player is able to licence his image rights to a third party,” AFLPA executive Braden Stokes told agents in the letter.

“In all cases, the players must be able to demonstrate and if necessary satisfy the ATO that the valuation of his image is bona fide and commercially justifiable.

“The AFLPA and the AFL have had extensive and protracted discussions with the ATO on the industry proposal to put in place a methodology for apportioning a player’s contract income between on-field playing duties and for the use of the player’s name, likeness and image.”

Player agents were told an undisclosed AFL star, who recently negotiated a “major contract” with his club, was seeking a private ruling from the ATO.

A decision is expected in the coming months.

The letter to agents said the game’s biggest stars would be able “in limited circumstances” to divert even more than 30 per cent of their wage for the use of their image.

The new arrangement requires players to sign two separate contracts with their club — a player image rights contract and a standard player contract — and is in addition to the existing Additional Services Agreement system.

Players have been pushing for a fairer rewards scheme for the use of their images by industry stakeholders for several years.


THE BIG TAX GRAB
How AFL players become eligible for tax relief.

*Players allocated a number of points based on salary, age and career achievements.

*A player with 21 points can divert 30 per cent of his income to a company/trust where he pays a lower tax rate.

*Brownlow medallists, best-and-fairest winners and the top-ranked players at each club carry the most points.

RANKINGS SYSTEM
Points allocated. Proportion of total income that can be allocated to marketing activities.

0-5 5%

6-10 10%

11-15 15%

16-20 25%

21+ 30%\

EXAMPLES OF PLAYERS ELIGIBLE FOR MAXIMUM TAX RELIEF
Gary Ablett Jr

Multiple Brownlows (10pts), multiple best-and-fairests (10pts), all-Australian (2pts).

Chris Judd

Multiple Brownlows (10pts), multiple best-and-fairests (10pts), all-Australian (2pts).

Nick Riewoldt

Multiple best-and-fairests (10pts), all-Australian (2pts), St Kilda top-six player (10pts).

Jobe Watson

Brownlow (5pts), multiple best-and-fairests (10pts), Essendon top-six player (10pts).

https://www.ato.gov.au/Individuals/I...ed-deductions/

http://www.aflplayers.com.au/wp-cont...-Tax-Brief.pdf

[Axe Man]

AFL trade news: Josh Dunkley is considering a long-term offer from Essendon after his midfield role diminished at the Dogs this year

Josh Dunkley’s diminishing on-ball time, including an elimination final playing only 30 per cent in the midfield this year, is a key aspect of his dalliance with Essendon.

Western Bulldogs mid-forward Dunkley has been in Noosa over the weekend considering his future, with the Dogs emphatic they will not trade him under any circumstances.

Chief executive Ameet Bains has made it clear the Dogs will hold Dunkley to his contract, even if he officially declares a trade in coming days.

Over the entire season Dunkley played 14 per cent on the wing, 43 per cent in the midfield and 43 per cent as a small-forward.

But in the final he played 70 per cent forward and attended only five centre-bounces in a 13-possession, one-goal performance.

Dunkley was in the All-Australian squad of 40 and was the vice-captain of the AFLPA Under-22 side last year but missed the top-10 in the club’s best-and-fairest this season after only playing 12 games because of injury.

He also recorded hit-outs in seven of his dozen games as coach Luke Beveridge often played him as a ruckman while Tim English pushed forward.

Those kind of tactical tweaks are why Beveridge is renowned as a quality match-day coach but not all players want to be pushed from the midfield when their form there is so strong.

Dunkley is still rated elite for disposals, contested possessions, scoreboard impact and pressure but averaged only 18 possessions this year, down from 28 in 2019.

His brother Josh could be part of a package deal at Essendon after being delisted by the Demons, who took him last year as a mid-season draft selection.

A five-season offer from Essendon has given him much to consider as the trade period approaches next Wednesday.

If he did officially ask for a trade, the Dogs would need to consider the ramifications of holding him against his contract and what it did for player morale.

Essendon yesterday confirmed 2020 AFLCA assistant coach of the year Daniel Giansiracusa will move from the Dogs to the Bombers.

It is a coup for the club which is determined to give coach Ben Rutten considerable support after the teething issues of the 2019 season.

At the Dogs he worked in the club’s forward line before taking the club’s VFL team to the Grand Final.

Blake Caracella, James Kelly, Dan Jordan, Leigh Tudor and Cameron Roberts will join him on the coaching panel.

[Bulldog4life]

Really keen to hear Adam Cooney's completely neutral take on a Bulldogs player moving over to Essendon.

I tweeted Coons to ask him has he been telling Dunks about the spongy floors at the Bummers. Alas no reply.