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Keep Your ReceiptsIn two separate but related media releases, the Government and the Tax Office reminded parents to keep receipts relating to expenses incurred on their children’s education if they wish to claim the education tax refund. Lump Sum Payment and Assessable IncomeIn another case heard by the Administrative Appeals Tribunal, it held that a lump sum payment received by a taxpayer in arrears of weekly compensation entitlements was assessable income. Main Residence ExemptionIn a recent case, the Administrative Appeals Tribunal held that the CGT main residence exemption was not available to a husband and wife (the taxpayers) on a unit they acquired with the intention of it being their main residence, but which they ultimately never lived in. Early Access to Super BenefitsThe Tax Office has released an Alert warning people of arrangements offering early release of their superannuation benefits. Tax Concessions for BusinessesThe Government has announced changes to the temporary investment allowance, which was announced in December 2008. One-off BonusesThe two Bills implementing the one-off bonuses announced in the Nation Building and Jobs Plan are awaiting enactment. Financial ReviewBusiness survival requires a detailed examination of all aspects of the business’ operations to ensure that the business will continue to perform throughout the economic downturn. |