Perks Chartered Accountants
Chartered Accountant Alert
 

Welcome to the April edition of Perks' Tax Alert - delivering to you the latest tax developments affecting you and your business.


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.



Entrepreneurs’ Tax Offset - Income Test Introduced Legislative changes to introduce an income test to restrict eligibility to the entrepreneurs’ tax offset.



Investors of Failed Forestry Schemes - Deductions Protected
Legislative changes to protect deductions claimed by investors in failed forestry managed investment schemes.



Superannuation Clearing House - Coming Soon
Legislative changes to establish a superannuation clearing house for employer superannuation contributions.



CGT Small Business Retirement Exemption - Anomaly Corrected
Legislative changes to correct an unintended effect on the operation of the CGT small business retirement exemption.



Replacement Dwelling - CGT Main Residence Exemption Clarified
Legislative changes to ensure a replacement dwelling is treated as the original dwelling.



‘Accrued’ Farm Management Fees Assessable
An Administrative Appeals Tribunal decision relating to the assessable of farm management fees.



Tax Liabilities for Duty-Free Goods Seller
An Administrative Appeals Tribunal decision relating to the sale of cigarettes and consequent tax liabilities.



GST Assessment for Net Amounts
An Administrative Appeals Tribunal decision relating to disputed claimed input tax credits.



Superannuation - What is Meant By ‘Contribution’?
A Taxation Ruling explaining the Commissioner's views on ‘contribution’.



Self-Managed Super Funds and Acquiring Assets from Related Parties
A SMSF Ruling explaining the rules which prohibit an SMSF from acquiring an asset from a related party. 



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.

 

 

 

 

 

 

 

 

 

 



The following key dates are a guideline to allow clients to prepare for their taxation requirements.

21 
Apr 2009		 Activity Statements

March 2010 monthly activity statements: final date for lodgement and payment.
28 
Apr 2010 

Activity Statements

Quarter 3 (January - March 2010) activity statements: final date for lodgement and payment.
12 
May 2010		 Activity Statements

Quarter 3 (January - March 2010) activity statements: final date for electronic lodgement and payment.
21 
May 2010		 FBT Return

Due date for lodgement of 2010 FBT return and payment if required.
21 
May 2010		 Activity Statements 

April 2010 monthly activity statements: final date for lodgement and payment.

Perks may be able to obtain extensions to the above dates for you if required. Please contact us to discuss your needs.

Contact Perks

Adelaide
247 Fullarton Road
Eastwood SA 5063
T: (08) 8273 9300
F: (08) 8274 1466
Web: perks.com.au

Victor Harbor
163 Hindmarsh Road
Victor Harbor SA 5211
T: (08) 8552 3711
F: (08) 8552 3771

Darwin
59 Smith Street
Darwin NT 0800
T: (08) 8941 8600
F: (08) 8941 9600

Alice Springs
73 Hartley Street
Alice Springs NT 0870
T: (08) 8953 4400
F: (08) 8953 4599

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The Perks Chartered Accounting Alert has been produced as a guide to clients. The items in this Alert are general comments only and do not represent advice. The facts of each particular situation may vary and changes in legislation may occur quickly and at any time. We recommend that our specific advice be sought before acting in any of these areas.

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