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Perks Alerts Perks produces three separate monthly bulletins, providing distilled insight, reviews of critical issues and updates on the latest in Chartered Accounting, Finance and Wealth Management. Subscribe, to have the Alert of your choice delivered directly to your inbox. To view the Perks Alerts, click here:	Latest News Trust Law Changes On The Way Two proposed measures relating to trusts have been flagged by the Government for implementation sooner rather than later. Personal Services Entities: ATO Takes A Closer Look The ATO has announced that it will request and collect information on amounts paid to personal services entities. Flood Levy Now Law The legislation to implement the Government's temporary flood levy has been enacted. GST And Goods Sold With Discounted Components The ATO has released its view on a case which concerned the correct calculation of GST on goods sold that are partly taxable and partly GST-free. Land Sale Case Sheds Light On "Going Concern" GST-Free Concession A Federal Court decision concerning a sale of land by a property developer. Employees Not Contractors, Says Court A Federal Court decision concerning whether individuals contracted by a business were "employees" for superannuation purposes. Self-managed Super Funds and Collectables Law changes are proposed regarding SMSF investments in "collectables or personal use assets". FBT Rates and Thresholds For 2011–12 The ATO has announced FBT rates and thresholds for the 2011-12 FBT year. Car Expenses – Rates Per Kilometre For 2010–11 The Government has released the cents per kilometre rates for calculating motor vehicle expenses for the 2010–11 income year. Cash Economy Letters Encouraging Compliance, Says Tax Office According to the Tax Office, its cash economy letter program is encouraging positive compliance behaviour. Director's Penalty Notice Given When Delivered, Not Posted The NSW Court of Appeal has made a decision concerning the period within which a director is required to take action in response to a director's penalty notice. GIC And SIC Rates The Tax Office has advised the general interest charge (GIC) and shortfall interest charge (SIC) rates for the fourth quarter of the 2010–11 income year. Labour Hire Firms And Splitting Income Warning The Tax Office is looking at arrangements where a discretionary trust is used to split the incomes of workers with their spouses. Calculating Distributable Surplus When Tax Bill Amended The Tax Office has responded to a court decision dealing with the calculation of a company's net assets and distributable surplus after an amended assessment is received. Watch Out For Scammers, Says Tax Office The Commissioner has reminded people to be aware of scam behaviour and to report anything suspicious. Eye Glasses Discount Deal Throws New Light On GST Calculation A retailer of spectacles has won a court case regarding the correct calculation of GST in relation to spectacles it sold to customers under a special promotion. Tax Office's Approach To Self-Managed Super Funds Affected By Floods The Tax Office has indicated how it will deal with SMSFs that own flood or cyclone-damaged buildings purchased under strict borrowing rules. Temporary Flood Levy Proposed The Prime Minister has proposed a one-year flood levy for individual taxpayers to help raise revenue to fund the reconstruction cost for flood-affected areas of Queensland and elsewhere. Tax Help for Flood Victims The Government and Tax Office are offering tax help for taxpayers severely affected by the floods in Queensland and elsewhere. Café Owners' Tax Bill Reduced after Cash Wages Taken into Account The Administrative Appeals Tribunal has found amendment assessments issued to taxpayers were excessive as they had failed to take into account deductions for cash wages paid to staff. Same Trust, so Capital Gain Can Be Offset by Earlier Losses The Full Federal Court has found a trust could apply capital losses to offset a capital gain made from a property sale. Superannuation Excess Contributions Tax Bill for Breach of Cap The Administrative Appeals Tribunal has confirmed a superannuation excess non-concessional contributions tax assessment against a taxpayer for breaching the $1 million non-concessional contributions cap. Penalty for Late Superannuation Deduction Notice "Harsh" The Administrative Appeals Tribunal has remitted an administrative penalty despite finding the taxpayer had failed to lodge a notice of intent to claim a super deduction on time as it would be "harsh". Superannuation Benefit and Payment by Cheque The Tax Office has issued a determination regarding the timing of a super benefit payment by cheque or promissory note. Whether a Property Constitutes Residential Premises for GST Purposes The Full Federal Court has handed down a ruling in relation to the phrase “residential premises to be used predominately for residential accommodation”. Tribunal Can’t Review Private Ruling Decision as Ruling Given for Wrong Years The Administrative Appeals Tribunal has made a decision regarding a taxpayer’s objection against a private ruling. Retirement Village Scheme Deductions Wrong, but Taxpayers Took “Reasonable Care” The Administrative Appeals Tribunal has remitted penalties imposed on taxpayers who had claimed deductions relating to their retirement village scheme investment. Refunds for Overpayments of GST The Tax Office has released a ruling which sets out the Commissioner’s views on the tax provisions which restrict refunds that can arise from the overpayment of GST. Automated Tax Deduction for Youth Allowance Recipients The Tax Office has responded to a recent High Court decision dealing with education expenses incurred by a Youth Allowance recipient.

Perks Alerts

Perks produces three separate monthly bulletins, providing distilled insight, reviews of critical issues and updates on the latest in Chartered Accounting, Finance and Wealth Management.

Subscribe, to have the Alert of your choice delivered directly to your inbox.

To view the Perks Alerts, click here:

Latest News

Trust Law Changes On The Way
Two proposed measures relating to trusts have been flagged by the Government for implementation sooner rather than later.

Personal Services Entities: ATO Takes A Closer Look
The ATO has announced that it will request and collect information on amounts paid to personal services entities.

Flood Levy Now Law
The legislation to implement the Government's temporary flood levy has been enacted.

GST And Goods Sold With Discounted Components
The ATO has released its view on a case which concerned the correct calculation of GST on goods sold that are partly taxable and partly GST-free.

Land Sale Case Sheds Light On "Going Concern" GST-Free Concession
A Federal Court decision concerning a sale of land by a property developer.

Employees Not Contractors, Says Court
A Federal Court decision concerning whether individuals contracted by a business were "employees" for superannuation purposes.

Self-managed Super Funds and Collectables
Law changes are proposed regarding SMSF investments in "collectables or personal use assets".

FBT Rates and Thresholds For 2011–12
The ATO has announced FBT rates and thresholds for the 2011-12 FBT year.

Car Expenses – Rates Per Kilometre For 2010–11
The Government has released the cents per kilometre rates for calculating motor vehicle expenses for the 2010–11 income year.

Cash Economy Letters Encouraging Compliance, Says Tax Office
According to the Tax Office, its cash economy letter program is encouraging positive compliance behaviour.

Director's Penalty Notice Given When Delivered, Not Posted
The NSW Court of Appeal has made a decision concerning the period within which a director is required to take action in response to a director's penalty notice.

GIC And SIC Rates
The Tax Office has advised the general interest charge (GIC) and shortfall interest charge (SIC) rates for the fourth quarter of the 2010–11 income year.

Labour Hire Firms And Splitting Income Warning
The Tax Office is looking at arrangements where a discretionary trust is used to split the incomes of workers with their spouses.

Calculating Distributable Surplus When Tax Bill Amended
The Tax Office has responded to a court decision dealing with the calculation of a company's net assets and distributable surplus after an amended assessment is received.

Watch Out For Scammers, Says Tax Office
The Commissioner has reminded people to be aware of scam behaviour and to report anything suspicious.

Eye Glasses Discount Deal Throws New Light On GST Calculation
A retailer of spectacles has won a court case regarding the correct calculation of GST in relation to spectacles it sold to customers under a special promotion.

Tax Office's Approach To Self-Managed Super Funds Affected By Floods
The Tax Office has indicated how it will deal with SMSFs that own flood or cyclone-damaged buildings purchased under strict borrowing rules.

Temporary Flood Levy Proposed
The Prime Minister has proposed a one-year flood levy for individual taxpayers to help raise revenue to fund the reconstruction cost for flood-affected areas of Queensland and elsewhere.

Tax Help for Flood Victims
The Government and Tax Office are offering tax help for taxpayers severely affected by the floods in Queensland and elsewhere.

Café Owners' Tax Bill Reduced after Cash Wages Taken into Account
The Administrative Appeals Tribunal has found amendment assessments issued to taxpayers were excessive as they had failed to take into account deductions for cash wages paid to staff.

Same Trust, so Capital Gain Can Be Offset by Earlier Losses
The Full Federal Court has found a trust could apply capital losses to offset a capital gain made from a property sale.

Superannuation Excess Contributions Tax Bill for Breach of Cap
The Administrative Appeals Tribunal has confirmed a superannuation excess non-concessional contributions tax assessment against a taxpayer for breaching the $1 million non-concessional contributions cap.

Penalty for Late Superannuation Deduction Notice "Harsh"
The Administrative Appeals Tribunal has remitted an administrative penalty despite finding the taxpayer had failed to lodge a notice of intent to claim a super deduction on time as it would be "harsh".

Superannuation Benefit and Payment by Cheque
The Tax Office has issued a determination regarding the timing of a super benefit payment by cheque or promissory note.

Whether a Property Constitutes Residential Premises for GST Purposes
The Full Federal Court has handed down a ruling in relation to the phrase “residential premises to be used predominately for residential accommodation”.

Tribunal Can’t Review Private Ruling Decision as Ruling Given for Wrong Years
The Administrative Appeals Tribunal has made a decision regarding a taxpayer’s objection against a private ruling.

Retirement Village Scheme Deductions Wrong, but Taxpayers Took “Reasonable Care”
The Administrative Appeals Tribunal has remitted penalties imposed on taxpayers who had claimed deductions relating to their retirement village scheme investment.

Refunds for Overpayments of GST
The Tax Office has released a ruling which sets out the Commissioner’s views on the tax provisions which restrict refunds that can arise from the overpayment of GST.

Automated Tax Deduction for Youth Allowance Recipients
The Tax Office has responded to a recent High Court decision dealing with education expenses incurred by a Youth Allowance recipient.

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