Perks Chartered Accountants Alert September 2010

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

Payment Summaries and Reporting of Incorrect Super Amounts
The ATO says some employers have been incorrectly including compulsory super amounts as reportable employer super contributions on their employees’ payment summaries.

New SMSF Member Verification Process in the Pipeline
The ATO has announced that it expects to implement, later this year, a new self-managed super fund member verification process.

ATO Keeps a Close Eye on the Cash Economy
The ATO has reminded taxpayers that increased data-matching and benchmarking will be used to identify businesses participating in the cash economy.

Share Investor, Not a Share Trader
The Administrative Appeals Tribunal has found a taxpayer was not carrying on a share trading business but rather it held he was a share investor.

Excess Super Contributions Assessments Upheld
The Administrative Appeals Tribunal has found it did not have the jurisdiction to review a decision of the Commissioner who had refused to disregard (or reallocate) excess super contributions made by two taxpayers.

Soldier's Motor Vehicle Travel Expense Claim Denied
The Administrative Appeals Tribunal has denied a claimed deduction for motor vehicle travel expenses incurred by an Australian Defence Force soldier in transporting a kit from home to barracks.

Superannuation Benefits - Timing of Payment by Cheque
The ATO has issued a draft determination which deals with the timing of payment by cheque.

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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Contact Perks

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Eastwood SA 5063
T: (08) 8273 9300
F: (08) 8274 1466
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Darwin NT 0800
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Alice Springs NT 0870
T: (08) 8953 4400
F: (08) 8953 4599

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