March 2012 Newsletter
Wrong property valuations can be costly
A few cases recently before the courts have centred on the issue of property valuations. If a valuation of a property is not above board, the ramifications could include a larger tax bill. Click heading to read further.
ATO to hold refunds pending checks
The government has announced that it will amend the tax law to allow the Tax Commissioner to hold onto refunds pending “verification checks”. Click heading to read further.
Tricky excess super refund proposal
The government has released for comment draft legislation to implement its proposal to give individuals a once-only option to be refunded excess superannuation concessional contributions up to $10,000 from 1 July 2011. Click heading to read further.
No more deductions with Youth Allowance
The government is expected to introduce legislative amendments soon to prevent deductions against all government assistance payments for individuals from 1 July 2011, following a controversial High Court decision in 2010 (the Anstis decision).Click heading to read further.
Personal services income test failed
The Federal Court has recently confirmed an earlier Tribunal decision that the taxpayer had failed the “unrelated clients” test for the purposes of the personal services income (PSI) rules in the tax law in relation to a drafting business he carried on through his private company. Click heading to read further.
Unfranked dividends from off-market share buy-back
A taxpayer has recently been unsuccessful before the Administrative Appeals Tribunal in arguing that an amended tax assessment was excessive. The amount of tax in question was around $195,000. Click heading to read further.
Tribunal highlights responsibility of SMSF trustee
A recent matter before the Administrative Appeals Tribunal has highlighted the importance of what it means to be a trustee of a self-managed super fund (SMSF). The case involved a trustee of an SMSF along with her husband. Click heading to read further.