Newsletter Archive

The April 2008 edition of The Report contains information on a number of important developments in taxation including:
• Income tax reforms — A new Bill gives effect to income tax rate cuts that the Labor Government promised as part of its election campaign.
• Tax law changes — Proposed amendments to tax laws including removing tax deductibility for contributions to political parties and, changes to the taxation of a superannuation lump sum payment paid to a person with a terminal medical condition.
• FHS Accounts scheme — An overview of the government’s First Home Savers Accounts scheme.
• CGT on holiday unit — The AAT affirms that a holiday unit used by a taxpayer does not qualify for the small business CGT concessions.
• Shed qualifies as main residence — The AAT held that a shed used by a taxpayer qualified as a main residence for the purpose of a CGT exemption.
• Simplified tax system — The Tax Office releases a fact sheet highlighting changes to the simplified tax system.
• In-house assets & SMSFs— The Tax Office releases a fact sheet explaining the in-house assets rule and its importance to trustees of SMSFs.
• Multiple birth allowance — Changes to the eligibility for the allowance.
• IRA & assessable income — The Tax Office has stated that a lump sum distribution received by an Australian resident from a traditional IRA held in the US is assessable income in Australia.

The March 2008 edition of The Report, which contains information on a number of important developments in taxation including:
• FBT and minor benefits — When a minor benefit can be exempted from FBT.
• Wash sale arrangements — Taxation Ruling warns taxpayers of the dangers in participating in such arrangements.
• Provision of trade credit — Taxation Determination released about the tax consequences of private companies providing trade credits to their shareholders (or their associates).
• Timing of receipts — The Tax Office’s stance on when a dividend or trust distribution is received by a SMSF.
• Alert on stapled securities — The Tax Office warns taxpayers investing in stapled securities that it is examining the tax benefits associated with such securities.
• UK War Widows pension — The assessability of pensions received by an Australian taxpayer.
• Entrepreneurs’ tax offset — Eligibility for the tax offset by a company and partners in a partnership.
• Tax Office assistance — The Tax Office offers assistance to taxpayers affected by drought, floods, bushfires and storms.

The February 2008 edition of The Report, which contains information on a number of important developments in taxation including:
• Labor’s Tax Reforms — a summary of Labor’s proposed tax reforms.
• Personal Services Income (PSI) Case — Tax Office releases a Decision Impact Statement outlining its view on an AAT case concerning personal services income and the business premises test.
• PSI and the Results Test — Federal Court rejects taxpayers’ appeal in a case regarding personal services income and the results test.
• Trust Cloning — Tax Office issues a warning to practitioners about cloning trusts which do not meet the CGT event exception.
• Acquisition of Coles by Wesfarmers — Tax Office releases a Class Ruling advising Coles shareholders about the CGT implications on the acquisition of Coles by Wesfarmers.
• GIC and SIC Rates Released — Tax Office releases interest rates for the third quarter of the 2007/08 income year.

The December 2007/January 2008 edition of The Report, which contains information on a number of important developments in taxation including:
• Investment Property Deductions Disallowed
• Investment Deductions Denied
• Apportionment of Home Office Expenses Affirmed
• Refund of Overpaid Income Tax Instalments
• Property Advice to Non-residents Subject to GST
• Tax Office Warns of Email Scam

The November 2007 edition of The Report, which contains information on a number of important developments in taxation including:
• Decision Impact Statement on Trust Deeds
• Penalty for Incorrectly Claimed Input Tax Credits
• Overseas Volunteer Work Payments no Assessable
• Taxpayer’s Investment not Anti-avoidance
• Lump sum Payment Assessable as Income

The October 2007 edition of The Report, which contains information on a number of important developments in taxation including:
• No deduction for franchisee fee
• Personal services income
• Deductions disallowed for scheme
• Penalties for recklessness in preparing BAS
• Tax Office Compliance program

The September 2007 edition of The Report, which contains information on a number of important developments in taxation including:
• Wash Sales
• Car Fringe Benefits
• Superannuation Contributions
• GST on Packaged Supplies
• Commissioner’s Discretion on Shareholder Loans