Newsletter
July 2011 Newsletter
Car Fringe Benefit Taxation about to Change
A Bill has been introduced into Parliament to simplify the method for determining the taxable value of car fringe benefits. Click heading to read further.read more
Trust Streaming - Certainty Almost Here
The Government has introduced legislation to provide certainty to trusts in relation to the streaming of capital gains and franked distributions (including any attached franking credits) Click heading to read further.read more
Dependent Spouse Offset on the Chopping Board
The Government will soon put in place changes so that taxpayers will not be entitled to the dependent spouse tax offset in respect of a dependent spouse born on or after 1 July 1971. Click heading to read further.read more
SMSF Non-complying Status Affirmed Despite Tragic Circumstances
In a recent case, the Administrative Appeals Tribunal affirmed the decision of the Commissioner of Taxation that a self-managed superannuation fund (SMSF) be treated as a non-complying fund, Click heading to read further.read more
Goods Taken from Stock for Private Use
The Tax Office has updated the amounts the Commissioner will accept for 2010-2011 as estimates of the value of goods taken from trading stock for private use by taxpayers in certain specified industries. Click heading to read further.read more
Travel and Study Scams on Tax Office Radar
The Tax Office has issued a warning to taxpayers to steer clear of dodgy arrangements which involve claiming holiday travel expenses as work-related or self-education expenses. Click heading to read further.read more
Low income Taxpayer Offset to End for Most Minors
A Bill has been introduced which contains changes to implement the Government's 2011-2012 Budget announcement to restrict access by minors (children under 18 years of age) to the low income tax offset. Click heading to read furtherread more
Commissioners Claim to Recover GST Refunded Not Out of Time
A taxpayer has been unsuccessful before the Administrative Appeals Tribunal in arguing that the Commissioner's claim to recover an amount of GST refunded was ineffective. Click heading to read further.read more
GST and Tax Invoice Requirements
The Tax Office has issued a draft GST ruling which replaces an earlier ruling in relation to the minimum information requirements for a tax invoice Click heading to read further.read more
Deductibility for Private Pilots Licence Cost Denied for a Solicitor
A solicitor has been unsuccessful before the Administrative Appeals Tribunal in claiming a deduction for expenses he incurred in converting his New Zealand private pilot's licence to an Australian one. Click heading to read further.read more