Perks Chartered Accountants
Chartered Accountant Alert
 

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


Trust Entitlements and Loans: Tax Office Issues Guidance
The Tax Office has released its keenly awaited guidance on the tax treatment of trust entitlements and loans.



Tax Office Highlights Common PAYG Instalment Errors
The Tax Office has noted common errors that preparers make when completing PAYG instalment details on business activity statements.



Bonus Units from Employee Benefits Trusts: Tax Office Outlines Tax Issues
The Tax Office has issued a ruling dealing with employee benefits trusts and bonus units.



SMSFs and Private Companies Investing in Trusts: Tax Office Warning
The Tax Office has warned self-managed super funds (SMSFs) and private companies not to invest in trusts with the intention of making funds available for lending to members or shareholders.



Self-Education Expenses for Youth Allowance Recipient Deductible
The High Court has unanimously held that a taxpayer was entitled to a deduction for expenses incurred in deriving income from receiving Youth Allowance.



Declaration of Trust over Land Sold, so No Personal Tax Liability
A taxpayer has been successful in obtaining a declaration from the Supreme Court of Western Australia that a valid trust had been created over a property he had bought under his name.



Subsidy Paid for Loss-making Contracts Assessable as Income
The Administrative Appeals Tribunal has made a decision regarding a subsidy payment received by a taxpayer.



Employing your Spouse? Ensure There's an “Employment Relationship”
Two recent cases before the Administrative Appeals Tribunal dealt with the scenario of a husband employing his wife to assist with looking after rental properties.



Increasing Adjustments in BASs as Debts Remain Unpaid
The Administrative Appeals Tribunal has held that three taxpayers were required to reverse earlier claims for input tax credits in their later Business Activity Statements.



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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