Perks Chartered Accountants
Chartered Accountant Alert
 

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


2011/12 Budget Summary

Includes:
  -  Personal Taxation
  -  Superannuation
  -  Business Taxation		  

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.



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 Jun 2011

Activity Statements

May 2011 monthly activity statements Final date for lodgment and payment.

30 Jun 2011

 End of financial year.

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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