Perks Chartered Accountants
Chartered Accountant Alert
 

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


Collapsed Managed Investment Schemes and Tax Consequences
The Commissioner has given his preliminary views on the tax consequences for investors with interests in collapsed managed investment schemes.



Advance to Partnership not a Loan
The AAT has affirmed that an advance of money to a partnership was a capital investment and not a loan.



Trading Stock and Trade Incentives
A ruling has been issued clarifying the tax treatment for buyers and sellers of trading stock where a trade incentive is provided to a buyer.



SMSF Non-compliance Notice Upheld
An SMSF has been found not to be a complying superannuation fund because it did not satisfy the definition of an Australian superannuation fund.



Proposed Tax Law Amendments
The Government has introduced a Bill seeking to amend various provisions of the income tax legislation.
 


Contributions Caps and Reserves
The Commissioner has given his preliminary views on the use of contribution reserves within an SMSF and the excess contributions tax.



Mail-out to Super Fund Members
The Tax Office has commenced sending letters to individuals who are at risk of exceeding the superannuation contributions cap.



GIC and SIC Rates Released
Interest rates have been released for the second quarter of the 2009/10 income year.



Donations to Typhoon in Taiwan
Taxpayers may be able to claim a deduction for any donations made to victims of the typhoon that hit Taiwan in August 2009.


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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