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Welcome to the December edition of Perks' Tax Alert - delivering you the latest tax developments affecting you and your business.
Medicare Levy Surcharge Thresholds
The Bill to increase the Medicare levy surcharge thresholds has received enactment.
Deductibility of Legal Expenses
A recent High Court decision regarding the deductibility of legal expenses incurred by a taxpayer.
GST and Cancellation Fees
A Draft GST Ruling explaining the GST consequences when entities receive cancellation fees from customers.
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.
Allowances and Foreign Earnings
The Tax Office’s view on whether allowances received in relation to foreign employment by a taxpayer are assessable income.
Abolishing Trust Cloning
The proposed removal of the ‘trust cloning’ exception, which disregards any capital gains arising from certain CGT events.
Superannuation Guarantee
A Draft Superannuation Guarantee Ruling stating whether payments to employees form part of ordinary time earnings and/or salary or wages.
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’.
Trustee of SMSF Charged
A trustee of an SMSF has been charged in court for allegedly breaching his duties.
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.
For further tax advice and to find out if and how these tax developments may specifically affect you, contact your Perks relationship manager.
This Tax Alert was compiled by Perks' Tax Consulting Specialists. For more information on these articles, contact Brian Nimmo or Neil Oakes.
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The following key dates are a guideline to allow clients to prepare for their taxation requirements
21 Dec 2008
November 2008 monthly activity statements: final date for lodgment and payment.
15 Jan 2009
Due date for lodgment of income tax returns for companies, superannuation funds and trusts that were taxable large/medium business clients in the prior year and are not required to lodge earlier.
21 Jan 2009
December 2008 monthly activity statements: final date for lodgment and payment.
21 Jan 2009
Quarter 2 (October – December 2008) activity statements containing a monthly GST obligation: final date for lodgment and payment.
28 Jan 2009
Last day for superannuation guarantee contributions to be made to a superannuation provider for quarter 2 2008-09 (1 October – 31 December).
21 Feb 2009
January 2009 monthly activity statements: final date for lodgment and payment.
28 Feb 2009
Quarter 2 (October – December 2008) activity statements: final date for lodgment and payment, including electronic lodgments.
28 Feb 2009
Annual GST return (option 3) or Annual GST information report (option 2): final date for lodgment and payment (if required) if you do not have an income tax return lodgment obligation.
28 Feb 2009
Quarter 2 (October – December 2008) instalment notices – forms S and T. Final date for payment and, if varying
28 Feb 2009
Income tax return lodgment and payment due date for large/medium entities and self-managed superannuation funds (taxable and non-taxable) that are new registrations.
Perks may be able to obtain extensions to the above dates for you if required. Please contact us to discuss your needs.
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