Newsletter
August 2011 Newsletter
Tax Office announces compliance focus areas
The Commissioner of Taxation has released the Australian Taxation Office’s compliance program for the 2011–12 financial year. Click heading to read further.read more
Trust streaming - extension to record beneficiaries entitlements
Following a High Court decision last year – known as the Bamford decision – legislation has been formally enacted to provide certainty to trusts in relation to the streaming of capital gains and franked distributions (including any attached franking credits) to specific beneficiaries as an interim measure. Click heading to read further.read more
Car fringe benefit taxation changes
Legislative changes to simplify the method for determining the taxable value of car fringe benefits has been formally implemented. Click heading to read further.read more
Dependent spouse offset finishes for under 40s
From 1 July 2011, taxpayers will no longer be entitled to the dependent spouse tax offset in respect of a dependent spouse born on or after 1 July 1971, following the enactment of tax law changes. Click heading to read further.read more
Low income taxpayer offset ends for most minors
From 1 July 2011, the ability of minors (children under 18 years of age) to access the low income tax offset to reduce tax payable on their unearned income (dividends, interest and rent) has been removed. Click heading to read further.read more
Building contractors face reporting proposal
The Government is seeking to introduce a reporting regime for payments made to contractors in the building and construction industry. Click heading to read further.read more
Unpaid directors fee schemes and private companies on ATO radar
The ATO has warned taxpayers of an arrangement where a private company claims a deduction for unpaid directors’ fees. Click heading to read further.read more
ATO reminds employers of superannuation obligations
The ATO has recently revealed some common superannuation mistakes made by employers. Click heading to read further.read more
Tribunal denies deduction for interest on loans made to trust
In a recent case, the Administrative Appeals Tribunal confirmed that husband and wife taxpayers were not entitled to a deduction for interest on loans made to a discretionary trust which ran their building business. Click heading to read further.read more
Personal services income rules applies to taxpayer
The Administrative Appeals Tribunal has confirmed that the personal services income (PSI) rules under the taxation law applied to a taxpayer who provided his services as a draftsperson through his private company. Click heading to read further.read more