Newsletter
April 2011 Newsletter
Cash Economy Letters Encouraging Compliance Says Tax Office
According to the Tax Office, its cash economy letter program is encouraging positive compliance behaviour among small business taxpayers. This financial year, the Tax Office aims to send over 100,000 letters to taxpayers who it believes may be participating in the cash economy. Click heading to read further.read more
Directors Penalty Notice Given When Delivered Not Posted
In a recent case, the NSW Court of Appeal held that a previous decision of the Court was "clearly wrong" when it held that the 14-day period within which a director is required to take specific action in response to a director's penalty notice ran from the date of its posting. Click heading to read further.read more
Calculating Distributable Surplus when Tax Bill Amended
The Tax Office has indicated that it will administer the law in accordance with the findings of a recent Full Federal Court decision. Click heading to read further.read more
GIC and SIC Rates
The Tax Office has advised the general interest charge (GIC) and shortfall interest charge (SIC) rates. Click heading to read further.read more
Labour Hire Firms and Splitting Income Warning
The Tax Office has recently highlighted its concerns regarding an arrangement where a labour hire firm utilises a discretionary trust for the purpose of splitting the incomes of workers with their spouses (or other related people). Click heading to read further.read more
Watch Out for Scammers Says Tax Office
The Commissioner has reminded people to be aware of scam behaviour and to report anything suspicious. The focus of scams in most instances is to steal personal information. Click heading to read further.read more
Eye Glasses Discount Deal Throws New Light on GST Calculation
A retailer of spectacles has won a court case regarding the correct calculation of GST in relation to spectacles it sold to customers under a special promotion. Click heading to read further.read more
Tax Offices Approach to Self-Managed Super Funds Affected by Floods
The Commissioner has given an indication of how the Tax Office will deal with self-managed superannuation funds (SMSFs) that own flood or cyclone-damaged buildings purchased under the strict borrowing rules contained in the superannuation law. Click heading to read further.read more