Tax News

TaxWise Business News is published each quarter. The September, 2011 issue of TaxWise Business is now available from the main site. This quarter’s issue includes the following articles: ATO Compliance Target Areas 2011-12 Taxing Carbon Managing Tax Debts Proposed Not-for-profit Reforms Car Fringe Benefits Rules Changed Excess Super Contributions Tax CGT ...

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The September edition of our Tax Update newsletter is now available for download from the main site. This issue includes information on: ATO Clamps Down on GST Fraud and Cash IncomeMeaning of ‘Cost Price’ of a Car for FBT Purposes ATO Data Matching: Flood and cyclone reconstruction levy Is an ...

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The ATO will collect names and addresses of approximately 735,000 individuals who received the Australian Government Disaster Recovery Payment, and New Zealand citizens holding a special category visa who received an ex-gratia payment from Centrelink. This latest data matching effort, called the Temporary Flood & Cyclone Reconstruction Levy Data Matching ...

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The August edition of our Tax Update newsletter is now available for download from the main site. This issue includes information on: ATO Focus on SMSFs Warning: Investing in Overseas Property New This Year to Family Tax Superannuation: Common Mistakes Made by Employers Car Depreciation Limit for 2011/12 Reasonable Overtime Meal ...

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New tax thresholds were introduced at the start of the financial year for payroll tax in NSW. The annual payroll tax threshold is now $678,000 and the rate is currently 5.45%. From 1 July 2011, the monthly threshold is: 29 days = $53,721 30 days = $55,574 31 days = $57,426 ...

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The July edition of our Tax Update newsletter is now available for download from the main site. This issue includes information on: Occupations in the spotlight for the 2011 income year Tax laws amended to allow income ‘streaming’ by trusts Flood levy exemption declaration Deductions for study and job seeking ...

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The June edition of our Tax Update newsletter is now available for download from the main site. This issue includes information on: Budget 2011 ATO Focus on Employer Super Contributions Compliance Project: Government Stimulus Payments FBT Car Parking Thresholds CGT Improvement Thresholds With tax time just around the corner, I’ve ...

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On Friday, the ATO released  ’100 People,’ a  representation of all the individual taxpayers in Australia as though they were just one hundred people.   The numbers are drawn on information from Taxation statistics 2008-09, which is summary of tax returns, and other tax data for that financial year. Transcript Highlights Twelve point ...

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The May edition of our Tax Update newsletter is now available for download from the main site. This issue includes information on: Flood Levy Passed Personal Services – Data Matching Program ATO Withdraws 2009 Cash Sales Benchmarks Supply of Land Development Not a Going Concern FBT: Benchmark Interest Rate FBT: ...

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TaxWise Business News is published each quarter. The Febraury, 2011 issue of TaxWise Business is now available from the main site. This issue includes the following articles:  It’s a New Year – time to get your tax affairs in order  ATO and Government assistance for flood-affected taxpayers  The flood levy ...

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The Australian Taxation Office has released a Taxation Ruling – Division 7A Loans: Trust Entitlements.  The ruling expresses the Commissioner of Taxation’s opinion on the circumstances in which a private company with a “present entitlement to an amount from an associated trust”, makes a loan to that trust in circumstances ...

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