Archived News

Timing the Economic Recovery- When is it Going to Happen?
The short answer is that it is impossible to accurately predict when the economic recovery is going to come.

Federal Budget- June 2009
2009 Budget Report, summarising the important outcomes of the Federal Budget handed down on Tuesday, 12 May 2009.

Reminder: Individual Tax Rates from 1 July 2009
Changes to the individual marginal tax rates and low-income tax offset.

Data Matching Projects
Three data matching projects the Tax Office will carry out.

PAYG Instalments
An announcement by the government to reduce quarterly PAYG instalments for the 2009/10 income year.

Superannuation Warning
A Taxpayer Alert issued by the Tax Office warning SMSFs of arrangements involving the transfer of benefits associated with in-house assets transitional provisions.

Deductibility of Self-education expenses
A Federal Court decision in which a taxpayer who received the Youth Allowance was allowed a deduction for self-education expenses.

Proposed Amendments to the Tax Law
A Bill introduced by the government to amend various sections of the tax law, including the small business CGT concessions.

FBT and Victorian Bushfires Appeal
The Government will amend FBT laws to ensure employers will not have an FBT liability when employees choose to salary sacrifice part of their salaries to the Bushfires Appeal.

Pension Drawdown Relief
A measure announced by the Government which temporarily suspends the minimum drawdown requirements for pensioners.

'Blackhole' Expenses
The Tax Office’s view regarding whether a taxpayer is entitled to bring forward any unused ‘blackhole’ expenses as deductions when ceasing its business.

Directors Beware
A recent Federal Court decision where the Court held that directors of a company were liable to indemnify the Commissioner for payments made.

Personal Services Income Case
A recent Administrative Appeals Tribunal decision in which the Tribunal found that the income of a company was attributed to a taxpayer as personal services income.

GST and Uncommercial Property Arrangements
Two Alerts released by the Tax Office warning taxpayers that it is currently scrutinising such arrangements.

Proposed Amendment to Tax Laws
A Bill proposing amendments to tax laws including changes to income tests for determining tax and social security program eligibility.

FBT Explanatory Memorandum- March 2009
Developments in FBT

FBT Return Action Checklist- March 2009
Checklist

Tax Refund Scam
The Tax Office have advised taxpayers of two e-mail scams purporting to offer a tax refund.

Keep Your Receipts
Two media releases issued reminding parents to keep their receipts for the Education Tax Refund.

Decisions by the AAT
Three separate AAT decisions have been made concerning main residence exemptions, the deferral of HELP repayments and the assessability of lump-sum payments.

Early Access to Superannuation
An Alert issued by the Tax Office warning people of arrangements offering early access to their superannuation benefits.

Tax Concessions for Businesses
Proposed amendments to the temporary investment allowance, which was announced in December 2008.

One-off Bonuses
Two Bills introduced by the Government to implement the one-off bonuses announced in the Nation Building and Jobs Plan.

New Tax Break on Equipment
Part of the Governments $42 billion dollar stimulus package is a tax break for small businesses to purchase equipment before the end of June 2009.

First Home Owner's Grant
Are you eligible for the recent boost in the first home owner's grant?

Cash Bonus for Taxpayers
The Government announced the following five one-off cash payments for eligible taxpayers.

Bonus Investment Allowance
A temporary 10% investment allowance to encourage capital investment by Australian businesses.

Economic Stimulus Package
On 3 February 2009 the Government released its economic stimulus package, Nation Building and Job Plan.

Social Security Payments
Change to the income test deeming rates and lump sum payments to pensioners and families as part of the Economic Security Strategy.

Trustee of SMSF Charged
A trustee of an SMSF has been charged in court for allegedly breaching his duties.

SMSFs and In-house Assets
In a Draft SMSF Ruling, the Tax Office explains the core concepts contained in the definition of ‘in-house assets’.

Superannuation Guarantee
A Draft Superannuation Guarantee Ruling stating whether payments to employees form part of ordinary time earnings and/or salary or wages.

Abolishing Trust Cloning
The proposed removal of the ‘trust cloning’ exception, which disregards any capital gains arising from certain CGT events.

Allowances and Foreign Earnings
The Tax Office’s view on whether allowances received in relation to foreign employment by a taxpayer are assessable income.

Refunds for Indirect Taxes
A Draft Miscellaneous Taxation Ruling setting out the requirements for a valid notice when an entity is seeking a refund for indirect taxes.

GST and Cancellation Fees
A Draft GST Ruling explaining the GST consequences when entities receive cancellation fees from customers.

Deductibility of Legal Expenses
A recent High Court decision regarding the deductibility of legal expenses incurred by a taxpayer.

Medicare Levy Surcharge Thresholds
The Bill to increase the Medicare levy surcharge thresholds has received enactment.

A year to remember and forget- Review of 2008
2008 is a year most investors would prefer to forget.

Christmas Cheer and the ATO
Some of the potential tax traps in spreading the season’s festive goodwill. 

Business Succession Planning for the Family Business
Ensuring ongoing success for your business is not just about tax planning.

Luxury Car Tax Refunds
In our Federal Budget roundup this year, we alerted you to the Government’s intention to increase the luxury car tax. 

Equipment Finance
Considering your budget for capital expenditure... 

The Obama Victory
Barack Obama's historic election victory in the US is seen by many as a pivotal event... 

Budget 2008-09: GIC and SIC Rates Released
Interest rates for the second quarter of the 2008/09 income year. 

Budget 2008-09: ITC and Termination of Enterprise
A recent case where the Court found that a company was entitled to claim input tax credit for an expense.

Budget 2008-09: When is an Invoice Issued?
A recent case regarding the timing of when an invoice is issued for GST purposes. 

Budget 2008-09: Exempt Fringe Benefits
Two Interpretative Decisions issued by the Tax Office relating to exempt fringe benefits. 

Budget 2008-09: Binding Death Nominations and SMSFs
A Draft SMSF Determination stating whether SMSFs are permitted to accept binding death nominations from their members. 

Budget 2008-09: Borrowings of Money and SMSFs
A Draft SMSF Ruling explaining the meaning of the phrases ‘borrowing money’ and ‘maintaining an existing borrowing of money'. 

Budget 2008-09: Tax Laws Amendment Update
A Bill concerning shareholders and unitholders rights, and the restriction of GST refunds has been enacted. 

Budget 2008-09: Luxury Car Tax
Progress of the Government’s measure to increase the Luxury Car Tax. 

Budget 2008-09: Medicare Levy Surcharge Thresholds
An update on the Government’s measure to increase the Medicare levy surcharge thresholds for individuals and families. 

Budget 2008-09: Education Tax Refund
A Bill proposing to introduce the Education Tax Refund.

Budget 2008-09: Tax Laws Amendment
Proposed amendments to the tax laws which include GST and sale of real property.

Are you getting the best possible deal from your bank?
Your questions are answered... 

Budget 2008-09: Compliance Matters
Two compliance activities that the Tax Office is currently conducting. 

Budget 2008-09: Off-the-shelf Accounting Software
When computerised accounting software will meet the record keeping requirements for tax purposes. 

Budget 2008-09: Trustee of SMSF Charged in Court
Recent case where a trustee of an SMSF was charged with breaching the superannuation laws.

Budget 2008-09: Bonuses and Superannuation Guarantee
Recent case on whether bonus payments should be included in the calculation of an employee’s superannuation guarantee. 

Budget 2008-09: Tax Compliance Program 2008/09
An overview of the Tax Office’s Compliance Program for 2008/09. 

What are the implications of falling interest rates?
For the first time since December 2001, the Reserve Bank of Australia (RBA) has cut interest rates. 

Finding the right loan to suit your business...
From overdrafts to bank bills, we’ll help find a loan to meet your business finance needs. 

Budget 2008-09: Overpaid Income Tax Instalments
The Tax Office's treatment of overpaid income tax instalments. 

Budget 2008-09: Minors and Tax-free Threshold
Maximum "unearned income" a minor can receive for 2008-09. 

Budget 2008-09: Compliance Matters
Various compliance matters that the Tax Office is looking into. 

Budget 2008-09: DIS on "Shed Case"
The Tax Office's response to a recent AAT case on CGT main residence exemption. 

Budget 2008-09: TPD Premiums Deductions
The Tax Office's preliminary view on the deductibility of total and permanent disability insurance premiums.

Budget 2008-09: Business Establishment Costs
Two Interpretative Decisions discussing the Tax Office's view on the deductibility of business establishment costs. 

Budget 2008-09: Self-education Expenses
A recent AAT case on the deductibility of self-education expenses. 

Budget 2008-09: SMSF and Sole Purpose Test
A ruling outlining the purposes for which SMSFs must be established and maintained. 

Budget 2008-09: SMSF and Financial Assistance
A ruling explaining the prohibition on SMSFs providing financial assistance to members. 

What's in store for the Australian economy in 2009?
The ‘R’ Word (Recession) has been tossed around the media recently, primarily because the current economic data suggests...

What should I be aware of when taking out a Mortgage?
Some of the traps you should look to avoid in taking out a Mortgage. 

Budget 2008-09: GIC and SIC Rates Released
The Tax Office has released the general interest charge and shortfall interest charge rates... 

Budget 2008-09: Car Limits
The Tax Office states that the car depreciation limit for the 2008-09 financial year is $57,180. 

Budget 2008-09: Division 7A Interest Rate
The Tax Office has stated that the benchmark interest rate for the 2008-09 income year. 

Budget 2008-09: GST and PAYG Instalment Rate
The ATO has advised that the GDP factor used to calculate taxpayers’ GST and PAYG instalment amounts will increase. 

Budget 2008-09: PAYG Summary
The Deputy Commissioner has issued a Legislative Instrument that removes the requirement for superannuation funds...