Perks- Focussed, Client-driven Accounting & Financial Services Firm in South Australia & Northern Territory

Budget 2008-09: Tax Laws Amendment

21.10.08

The Government has introduced a Bill into Parliament to amend certain provisions of the tax laws.

The proposed amendments include ensuring:

the GST liability on the sale of a real property calculated under the margin scheme will include the value added by the entity which made the original supply; and
the taxable value of a fringe benefit for an investment asset will be limited to an employee’s interest if it is held jointly with an associate of the employee. An ‘associate’ includes a spouse, immediate family members and children.

Offsetting Business Losses against Other Income
Taxpayers who exceeded the new income threshold can, in limited circumstances, still offset their business losses.

Phoenix Activities - Government Flags Possible Action
The Government has flagged possible action to combat fraudulent phoenix activities.

Dodgy GST Arrangements and Artificial Credits on Tax Office Radar
A Taxpayer Alert warning taxpayers about uncommercial arrangements to obtain reduced input tax credits.

"Perks have provided me with excellent advice regarding the management of my company.” Warren Rogers

"Perks is more than just our accountants. They’re genuinely our business partner and advisors.” Jenny Sherman

“The proactive nature and forward thinking of the team at Perks has made us stop and think." Neil and Andrew Pike

"Perks has always swiftly responded and seamlessly fallen into stride with us to explore opportunities.” John Kain

"Perks has been our accountants, financial and business advisors for over two decades – critical at every stage of our business journey. " Greg Ennis

"Their detailed understanding of the process...and hands-on approach all combined to achieve an excellent result." Chris Day