Perks Chartered Accountants
Chartered Accountant Alert
 

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


Trust Income and Bamford: Tax Office View
The Tax Office has released a statement outlining the Commissioner's view on the High Court's decision on a case dealing with trust income issues.



Div 7A Loans and Trust Entitlements
The Tax Office has released a Taxation Ruling which considers when a private company with an unpaid present entitlement from an associated trust is considered to have made a loan to the trust.



Commissioner's Discretion to Disregard Deemed Dividend Provisions
The Tax Office has released a Draft Taxation Ruling which outlines the requirements to be satisfied before the Commissioner can disregard a deemed unfranked dividend from arising when a private company lends an amount to a shareholder.



Vacant Land not Input Taxed as ‘Residential Premises’
In a recent case, the Full Federal Court has unanimously dismissed a taxpayer's appeal against an assessment of GST in respect of the sale of two separate blocks of vacant land.



SMSFs and Instalment Warrants: Rules to be Tightened
The Government has proposed amendments to the superannuation law to reduce risks for super funds investing in limited recourse borrowing arrangements (eg instalment warrant arrangements).



Superannuation Co-contribution: Proposed Changes
The Government has proposed amendments to modify the operation of the Government superannuation co-contribution scheme.



Henry Tax Recommendations to Watch Out For
There are a number of recommendations made by the Government in response to the Henry Report which, if implemented, will impact many taxpayers.



Various Rates and Thresholds for 2010/11
The Tax Office has released rates and thresholds for car depreciation, luxury car tax and CGT improvements.



GIC and SIC Rates Released
The Tax Office has advised the GIC and SIC rates for the first quarter of the 2010/11 financial year.



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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