Newsletter
March 2011 Newsletter
Temporary Flood Levy Proposed
The Prime Minister, Julia Gillard, has proposed a temporary flood levy for individual taxpayers to help raise revenue to fund the reconstruction cost for areas of Queensland and elsewhere which were affected by severe flood damage earlier this year. Click heading to read further.read more
Tax Help for Flood Victims
The wake of the recent severe flooding in Queensland and elsewhere has brought about a bevy of announcements from authorities offering tax help to assist those in need. Click heading to read further.read more
Cafe Owners Tax Bill Reduced after Cash Wages Taken into Account
In a recent case, the Administrative Appeals Tribunal found that amended tax assessments issued to husband and wife shareholders of a company that operated two cafés were excessive, Click heading to read further.read more
Same Trust so Capital Gain Can Be Offset by Earlier Losses
The Commissioner has been unsuccessful before the Full Federal Court in seeking orders to overturn an earlier decision, which had held that a trust could apply earlier capital losses to offset the capital gain made from a property sale. Click heading to read further.read more
Superannuation Excess Contributions Tax Bill for Breach of Cap
The Administrative Appeals Tribunal has confirmed a superannuation excess non-concessional contributions tax assessment of $86,867 against a taxpayer for breaching the $1 million non-concessional contributions cap during the transitional period to 30June 2007 (which existed at the time). Click heading to read further.read more
Penalty for Late Superannuation Deduction Notice Harsh
In a recent case, the Administrative Appeals Tribunal determined that a 25% administrative penalty was properly imposed by the Commissioner on a taxpayer who failed to provide a notice of intent on time to claim a deduction for a personal superannuation contribution. Click heading to read further.read more
Superannuation Benefit and Payment by Cheque
The Tax Office has issued a determination which states that a superannuation benefit payable with a cheque or promissory note is "cashed" at the time the cheque or note is "received" by the member or beneficiary, provided the trustee's objective intention is to immediately transfer funds from the SMSF to the member or beneficiary. Click heading to read further.read more