Perks Chartered Accountants
Chartered Accountant Alert
 

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


Loans and In-house Asset Rules
The AAT has upheld a non-compliance notice issued to an SMSF for breaching the in-house asset rules.




Personal Services Income
The AAT has affirmed that the Personal Services Income provisions applied to attribute company income to a taxpayer who was the sole director, shareholder and employee of the company.




Meaning of Contributions
The Tax Office has issued a Draft Taxation Ruling explaining the Commissioner’s preliminary view of the word ‘contribution’ for superannuation purposes.




Deductibility of Interest on Loan to Settle Trust
The Tax Office has issued a Taxation Determination stating the Commissioner’s views on the deductibility of interest incurred on a loan to settle a trust.




Interest on Loan to Acquire Options
The Tax Office says interest on a loan to acquire options is not deductible.




Investment Commitment Time
The Tax Office says a contract option to delay construction of an asset does not defer the investment commitment time for the one-off tax break.




Assistance for Small Businesses
The Tax Office has introduced two new measures to assist small businesses in managing their tax payment obligations.




PAYG Withholding and Foreign Employment Income
An Instrument has been registered ensuring employers withhold the correct PAYG amounts from their overseas-based employees.




Tax Returns Not Required for New SMSFs
The Tax Office do not require newly registered SMSFs to lodge a tax return in their first year of registration.



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.

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21 Sept
2009 

 Activity Statements 

August 2009 monthly activity statements: final date for lodgment and payment.
21 Oct
2009		 Activity Statements

September 2009 monthly activity statements: final date for lodgment and payment.

21
Oct
2009

 PAYG Statements

Annual PAYG instalment notice: final date for payment and, if using the rate method or varying the instalment amount, final date for lodgment.

21 
Oct 2009

 		 Activity Statements

Quarter 1 (July -Sept 2009)consolidated instalment activity statements: final date for lodgment and payment by a head company of a consolidated group.
21 
Oct
2009		  Activity Statements

Quarter 1 (July -Sept 2009) activity statements containing a monthly GST obligation: final date for lodgment and payment.
28 
Oct 2009		 Activity Statements

Quarter 1 (July -Sept 2009) activity statements: final date for lodgment and payment.
28 
Oct 2009 

GST Instalments 

Final date for electing to pay GST by instalments (that is, option 3) for June balancers if another reporting option was previously used.
28 
Oct 2009		 GST

Final date for eligible quarterly GST reporters to elect to report GST annually.
 28 
Oct 2009		 GST Instalments

Quarter 1 (July-Sept 2009) instalment notices – forms S and T. Final date for payment and, if varying instalment amount, lodgment.
 28 
Oct 2009		 PAYG Instalments 

Final date for eligible instalment reporters to elect to report annually for June balancers.
 28 Oct 2009 PAYG Instalments 

Final date for notifying your quarterly PAYG instalment reporting and payment choice for the 2010 income year for June balancers.
 28 Oct 2009 PAYG Instalments 

Quarter 1 (July -Sept 2009) instalment notices – forms R and T. Final date for payment and, if varying the instalment amount, lodgment.
 28 Oct 2009 Superannuation 

Superannuation guarantee contributions for quarter 1 2009-10 (1 July - 30 September) to be made to the fund by this date.
 31 Oct 2009 PAYG Withholding 

Final date for lodgment of the PAYG withholding where ABN not quoted – annual report (NAT 3448).

31 Oct 2009  PAYG Withholding 

Final date for lodgment of your PAYG withholding from interest dividend and royalty payments paid to non residents – annual report (NAT 7187)
31 Oct 2009  PAYG Withholding 

Final date for lodgment of your PAYG withholding annual report – payments to foreign residents (NAT 12413)
31 Oct 2009  Income Tax 

Income tax return lodgment due date for all June balancing company and superannuation funds where one or more prior-year returns were outstanding, as at 30 June 2009.

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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