Listing by latest editionClick on an article heading to view the synopsis and link to read more. Edition 9 view editionKeep 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. Edition 8 view editionSurvival In Difficult TimesMany business operators have already taken steps to ensure that their businesses will survive these difficult times. Suggestions on implementing planning for survival in difficult times include:- Review Your Unique Selling Proposition!How can you deliver outstanding service to your customers/clients each time you are dealing with them? Medicare Levy SurchargeThe Tax Laws Amendment (Medicare Levy Surcharge Thresholds) 2008 received Royal Assent on 31 October 2008. The Bill, after the Senate’s amendments, increased the Medicare levy surcharge threshold: Abolishing Trust CloningTrust cloning is a common practice used for succession planning and asset protection purposes. The Government has announced that it will remove the ‘trust cloning’ exception which disregards any capital gains arising when a taxpayer: Superannuation GuaranteeThe Tax Office has released a Draft Superannuation Guarantee Ruling in which it states the Commissioner’s preliminary view on whether payments to employees are ordinary time earnings (OTE) and/or ‘salary or wages’. SMSFs and In-house AssetsThe Tax Office has also released a Draft SMSF Ruling in which it explains the Commissioner’s preliminary view on the core concepts in the definition of ‘in-house asset’. Edition 7 view editionCulture Is Important!There are many attributes to creating a successful long-term business. No one attribute makes a successful business, but a combination of attributes will significantly contribute to long-term successful business performance. Compliance MattersSome important compliance information from the tax office. The cash economy and businesses, excess superannuation contributions, minors and the tax-free threshold and overpaid income tax instalments. Business Establishment CostsIn two separate but related Interpretative Decisions, the Tax Office states the deductibility of business establishment costs for a proposed business to be carried on. The latest on SMSFThe latest rulings from the Tax Office on self managed super funds. Trustees giving financial assistance to a member of a fund and the application of the sole purpose test in the superannuation legislation. Bonuses and Superannuation GuaranteeIn a recent case, the AAT has affirmed the Commissioner’s decision that bonus payments paid by an employer to its employees should be taken into account when calculating the employees’ superannuation guarantee. Tax Compliance Program 2008/09The Commissioner has released the Tax Office Compliance Program 2008/09, which sets out the Tax Office’s compliance priorities for individuals, micro enterprises, small businesses and superannuation for that year. Survival In Difficult TimesMany business operators have already taken steps to ensure that their businesses will survive these difficult times. Suggestions on implementing planning for survival in difficult times include:- Review Your Unique Selling Proposition!How can you deliver outstanding service to your customers/clients each time you are dealing with them? Medicare Levy SurchargeThe Tax Laws Amendment (Medicare Levy Surcharge Thresholds) 2008 received Royal Assent on 31 October 2008. The Bill, after the Senate’s amendments, increased the Medicare levy surcharge threshold: Abolishing Trust CloningTrust cloning is a common practice used for succession planning and asset protection purposes. The Government has announced that it will remove the ‘trust cloning’ exception which disregards any capital gains arising when a taxpayer: Superannuation GuaranteeThe Tax Office has released a Draft Superannuation Guarantee Ruling in which it states the Commissioner’s preliminary view on whether payments to employees are ordinary time earnings (OTE) and/or ‘salary or wages’. SMSFs and In-house AssetsThe Tax Office has also released a Draft SMSF Ruling in which it explains the Commissioner’s preliminary view on the core concepts in the definition of ‘in-house asset’. Edition 6 view editionSMSFs and Business Real PropertyA new Taxation Office Draft SMSF Ruling explaining the term “business real property”. Budgets are ImportantThis is the time of the year to think about your financial performance for the next 12 months. 2008-09 Federal Budget Follow-up - Depreciation rate for in-house softwareAlso following the passing of the Tax Laws Amendment (Budget Measures) Bill, there are amendments to ITAA 1997 to increase the period over which taxpayers write off depreciable in-house software from 2½ years to 4 years. FBT Car Parking ThresholdThe Tax Office has stated that the car parking threshold............. Edition 5 view editionHow is Australia changing?There are some interesting statistics from the latest census. What are the opportunities and what are the issues ? Wine Business Confidence SurveyBentleys Melbourne we have been running a quarterly wine business confidence survey covering Victorian and Tasmanian Wine businesses for over six years. This survey monitors business activity, viticulture expectations and business issues in the wine industry, and accesses a significant cross section of the industry to provide information on sales trends, new opportunities, expectations and profitability. Concessions for small business entitiesFrom 1 July 2007, small businesses with an annual turnover less than $2 million are called small business entities and may qualify for a range of tax concessions. SMSF trustee compliance checklistThis article contains a checklist outlined in the Government's Role and Responsibilities of Trustees paper which details what you must be aware of as a trustee of a SMSF. What is a share capital account?This article answers some questions on how shares are paid for what can be used to pay for shares. Edition 4 view editionATO focus on 2007 Tax ReturnsThe Tax Office has advised that it will be paying particular attention to the following in 2006/07: Where self-education expenses are not deductibleIn the case of Lloyd v Federal Commission of Taxation a taxpayer tried to argue that there was a perceived connection between the education expenses she had incurred while doing her PhD in Interactive Digital Media and Telecommunications and the increased income she received from her bank employer as a result of promotions. Changes to the CGT concessions for small business – 2006/07 yearIf a small business taxpayer disposes of a business, including goodwill, and is able to use the small business CGT concessions, it can potentially reduce the capital gain to nil! Delegate or Die!There is not a single management skill more critical to your personal and professional success as an entrepreneur than learning to delegate. But delegating successfully is much more than simply handing out assignments. Edition 3 view editionTax mining – making sure you get every dollarFor the last few years, every Federal Budget has brought tax cuts. It’s important to make sure you dig deep to find every dollar of tax saving possible. Changes to SuperannuationThe superannuation system is changing from 1 July 2007. According to the Government the changes should mean most people would receive more from their super. Employment termination paymentsEligible termination payments as they currently exist will be replaced by "employment" termination payments and superannuation benefits from 1 July 2007. Employee leaving ? Know your employer obligationsAre you aware of your obligations when an employee leaves? Unpaid Tax or SGC – the ATO could come callingIn this year’s federal budget the ATO received extra funding of $125.7 million over four years to work on reducing debt and collecting superannuation guarantee charge debt owed by employers. Tax Treatment of VolunteersSome payments to volunteers may be assessible income and subject to tax. Edition 2 view editionManaging the Costs in your BusinessCutting costs can be a simple way to improve your bottom line. Introducing a cost control system can bring immediate savings and ensure that you remain competitive in the longer term. Changes for Self Managed Super FundsAs part of the 2006-07 Federal Budget, the Treasurer announced major reform to the superannuation system and released A Plan to Simplify and Streamline Superannuation. ATO Draft Ruling on Registered Agricultural Managed Investment SchemesThe Tax Office has released the draft ruling on the income tax treatment of registered agricultural managed investment schemes. Super place to protect your assetsIf you’re a small business owner, you probably think of your business as your retirement nest egg. You invest your time, energy and money to build it up and maximise its value for when you retire. Edition 1 view editionSimpler SuperUsually when the Federal Government introduces legislation using the description “Simpler”, alarm bells ring as these changes far from simplify the process. In this instance, however, the changes to the superannuation system do offer real benefits and opportunities to working Australians. SuperSeek and you may find some of the lost $billions is yoursWith $9.7 billion of lost superannuation lying in Australian funds, you’d think people would be lining up to claim their share but, despite easy ways to track it down, the amount of money in lost super accounts is steadily growing. SMSF Compliance Program – audits to double in 2007In 2005/06, the ATO completed 4,530 audits of SMSFs and is planning to double their compliance coverage in 2006/07. Maintaining the Value of your BusinessThe majority of business owners want to realise their investment in the business at some point, but how many work at keeping their business at its optimal value and attractive to buyers ? Its Fringe Benefit Tax (FBT) Time AgainThe deadline for Fringe Benefits Tax is 31 March 2007. We are pleased to provide you with a recap on FBT. Franking Credits Available To Life TenantsThe Government will amend the income tax law to allow income beneficiaries of testamentary trusts (such as life tenants) greater access to franking credits on dividends received by the trust. Amendments To The Tax Law To Reduce Compliance Costs For Small BusinessThe Minister for Revenue and Assistant Treasurer, Peter Dutton MP, has announced amendments to the integrity rules concerning distributions by private companies (Division 7A of the Income Tax Assessment Act 1936). |
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