Newsletter
July 2010 Newsletter
Trust Income and Bamford: Tax Office View
The Tax Office has released a Decision Impact Statement outlining the Commissioner's view on the High Court's decision on a case which dealt with key elements of the tax law by which the liability of trustees and beneficiaries to tax is determined. Click on article heading to read further.
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SMSFs and Instalment Warrants: Rules to be Tightened
The Government proposes to amend the superannuation law to reduce the prudential risks for superannuation funds investing in limited recourse borrowing arrangements (eg instalment warrant arrangements). Click on article heading to read further.
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Commissioner's Discretion to Disregard Deemed Dividend Provisions
The Tax Office has also released a Draft Taxation Ruling in which it outlines the requirements to be satisfied before the Commissioner can make a decision to disregard a deemed unfranked dividend from arising when a private company lends, pays or forgives an amount to a shareholder or associate of the shareholder (unless adequate arrangements are in place). Click on article heading to read further.
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Vacant Land not Input Taxed as 'Residential Premises'
In a recent case, the Full Federal Court unanimously dismissed a taxpayer's appeal against an assessment of GST in respect of the sale of two separate blocks of vacant land in 2004 and 2005. Click on article heading to read further.
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Various Rates and Thresholds for 2010-11
The Tax Office has released the following rates and thresholds for the 2010/11 income year. Click on article heading to read further.
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Superannuation Co-contribution: Proposed Changes
The Government has also introduced a Bill seeking to modify the operation of the Government superannuation co-contribution scheme. In brief, the Bill will....Click on article heading to read further.
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Henry Tax Recommendations to Watch Out For
The long-awaited Henry tax report has been publicly released with the Government's initial response. There are a number of recommendations made by the Government which, if implemented, will impact many taxpayers. Click on article heading to read further.
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GIC and SIC Rates Released
The Tax Office has advised that the general interest charge and shortfall interest charge rates for the first quarter of the 2010/11 financial year (ie 1 July 2010 – 30 September 2010) are as follows. Click on article heading to read further.
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