Perks Chartered Accountants
Chartered Accountant Alert
 

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


Temporary Flood Levy Proposed
The Prime Minister has proposed a one-year flood levy for individual taxpayers to help raise revenue to fund the reconstruction cost for flood-affected areas of Queensland and elsewhere.



Tax Help for Flood Victims
The Government and Tax Office are offering tax help for taxpayers severely affected by the floods in Queensland and elsewhere.



Café Owners' Tax Bill Reduced after Cash Wages Taken into Account
The Administrative Appeals Tribunal has found amendment assessments issued to taxpayers were excessive as they had failed to take into account deductions for cash wages paid to staff.



Same Trust, so Capital Gain Can Be Offset by Earlier Losses
The Full Federal Court has found a trust could apply capital losses to offset a capital gain made from a property sale.



Superannuation Excess Contributions Tax Bill for Breach of Cap
The Administrative Appeals Tribunal has confirmed a superannuation excess non-concessional contributions tax assessment against a taxpayer for breaching the $1 million non-concessional contributions cap.



Penalty for Late Superannuation Deduction Notice "Harsh"
The Administrative Appeals Tribunal has remitted an administrative penalty despite finding the taxpayer had failed to lodge a notice of intent to claim a super deduction on time as it would be "harsh".



Superannuation Benefit and Payment by Cheque
The Tax Office has issued a determination regarding the timing of a super benefit payment by cheque or promissory note.



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 Mar 2011 Activity Statements

February 2011 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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