Newsletter
November 2010 Newsletter
Tax Office Highlights Errors in Claiming Deductions for Superannuation
The Tax Office has recently highlighted common errors made by individuals when claiming tax deductions for their personal superannuation contributions. Click heading to read further.read more
Unit Trust Arrangement Ineffective to Avoid Tax Bill on Shares
In a recent complex case, the Administrative Appeals Tribunal held a trust arrangement entered into by a taxpayer where he transferred the equitable interest in his shares in a company to related units trusts before the sale of the shares did not remove from him either the legal or beneficial ownership of the shares. Click heading to read further.read more
HELP Debt Deferred as Special Circumstances Existed
A taxpayer has been successful before the Administrative Appeals Tribunal in seeking a deferment in repaying his accumulated Higher Education Loan Program HELP. Click heading to read further.read more
Excess Superannuation Contributions: Superannuation Law Changes on the Way
A Bill is currently before Parliament which proposes to amend the tax law to allow the Commissioner of Taxation to exercise a discretion to disregard or allocate to another financial year all or part of a person's contributions for the purposes of excess contributions tax before an assessment is issued. Click heading to read further.read more
GST and Dodgy Property Arrangements - Tax Office Spells Out Views
Entities sometimes enter into dodgy arrangements that use their associates in an attempt to secure input tax credits on the construction of residential premises for lease and then defer the corresponding GST liability, in some cases indefinitely. Click heading to read further.read more
Bonus Units from Employee Benefits Trusts - Tax Office Outlines Tax Issues
The Tax Office has issued a ruling dealing with the tax issues surrounding the issue of bonus units to employees as part of an employee benefits trust arrangement. Click heading to read further.read more
Compromised TFNs Still a Problem, Says Ombudsman
The Commonwealth Ombudsman, Allan Asher, has released a report which expressed his concerns about how the Tax Office had handled complaints about compromised tax file numbers (TFNs). Click heading to read further.read more
Tax Office Scans Car and Real Property Purchases
The Tax Office has advised that it will collect records relating to motor vehicle purchases and real property transfers from relevant government authorities. Click heading to read further.read more