Newsletter
November 2011 Newsletter
Business tax losses under Tax Forum spotlight
The treatment of business tax losses will be reviewed by a business tax reform working group announced by the Treasurer at the Tax Forum held in October 2011. Click heading to read further.read more
Tax Office views on SMSFs - real property and borrowing rules
The Australian Tax Office (ATO) has recently issued a draft ruling which concerns self-managed superannuation funds (SMSFs), real property and the application of certain borrowing rules under the superannuation law. Click heading to read further.read more
Tax law changes to tackle phoenix activities
The Government has recently introduced legislation in Parliament which aims to deter company directors from engaging in phoenix activities. Click heading to read further.read more
Small business depreciation rule changes on the horizon
The Government has sought comments on draft legislation which proposes to make various tax law changes concerning the small business depreciation rules that apply to small business entities. Click heading to read further.read more
Standard deduction for work expenses next year
Public consultation has closed on the Government's draft legislation which proposes to provide individual taxpayers with a standard tax deduction to cover work-related expenses and the cost of managing their tax affairs. Click heading to read further.read more
Partnership not ended, so director still liable - says Court
A businessman has been unsuccessful in appealing to the NSW Court of Appeal against an earlier District Court decision which had held that, as a director of a company, he was liable to pay monies to the ATO that were withheld from employees' wages. Under the tax law, a director of a company could face a tax penalty if amounts withheld from employee's wages are not paid to the ATO. Click heading to read further.read more
Dutch retiree took reasonable care, finds Tribunal
In a recent decision, the Administrative Appeals Tribunal held that a retiree had not failed to take reasonable care when he omitted foreign early retirement fund payments from the Netherlands from his 2003 to 2006 income tax returns. Click heading to read further.read more
Super guarantee charge is a valid tax - says High Court
A market research company has been unsuccessful in its constitutional challenge in the High Court against the validity of the superannuation guarantee charge. Click heading to read further.read more