Newsletter
December 2011 Newsletter
Small business benchmarks under microscope
The Inspector-General of Taxation, Ali Noroozi, has advised that he will review the Australian Tax Office’s use of small business performance benchmarks. Click heading to read further.read more
Carbon tax scheme to commence on 1 July 2012
The Government’s controversial carbon tax scheme has passed Parliament and will commence on 1 July 2012. From that date, the country’s biggest polluters will be required to pay $23 for each tonne of carbon pollution released into the atmosphere. Click heading to read further.read more
Uncertainty with private rulings system
In a recent case, the Full Federal Court unanimously affirmed assessments issued by the Commissioner to a taxpayer, a sports club, even though the assessments were inconsistent with a private ruling issued to the club. Click heading to read further.read more
Taxpayer entitled to prompt GST refund says Court
An exporter of mobile phone goods has been successful before the Federal Court in a case concerning GST refunds. Click heading to read further.read more
CGT test includes commission liability after CGT event
In a recent decision, the majority of the Full Federal Court held that for the purposes of accessing the small business capital gains tax (CGT) concessions, a real estate agent commission incurred on the sale of a hotel business could be included as a liability for the purposes of the maximum net asset value test. Click heading to read further.
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Personal services income rules apply finds Tribunal
The Administrative Appeals Tribunal has recently held that the personal services income (PSI) rules applied to an IT professional to include in his assessable income amounts derived by his company through the provision of his IT expertise to a small number of clients from the same company group. Click heading to read further.read more
Tax changes for small businesses introduced
The Government has introduced legislation into Parliament which proposes to increase the small business instant asset write-off threshold from $1,000 to $6,500, and create a single depreciation pool to write-off assets at a rate of 30% (15% in the first year). Click heading to read further.read more
Superannuation guarantee to be increased to 12%
Legislation has been introduced into Parliament which proposes to increase the superannuation guarantee (SG) rate from 9% to 12%, phasing in from 1 July 2013. Click heading to read further.read more