• News Archive 2010
• News Archive 2009

As personal income tax rates are set to decrease from 1 July 2010, there may be an additional advantage to be had by accelerating any income tax deductions into the current income year.   ...read more

Many of our business clients like to review their tax position at the end of the financial year and evaluate any year-end strategies that may be available to legitimately reduce their tax. Traditionally, year-end tax planning for small businesses is based around two simple concepts – i.e., accelerating business deductions and deferring income.   ...read more

By now most Queensland consumer lenders would have registered with the Australian Securities and Investments Commission (ASIC) in preparation for the transition to the new national credit regime. As part of the new requirements, in terms of section 47(1)(i) of the National Consumer Credit Protection Act 2009 (NCCPA) licensees have to be members of an approved External Dispute Resolution (EDR) scheme.....   ...read more

End of the 2009/10 FBT Year The end of the 2009/10 fringe benefits tax (FBT) year, 31 March, is rapidly approaching and that means, after this date, FBT returns will soon be due for lodgment. Where we usually prepare the FBT return for your business, we ask that you collect all relevant FBT records relating to any benefits provided, such as: 􏰂 motorvehicles; 􏰂 carparking; 􏰂 entertainment; 􏰂 expensepayments;and 􏰂 livingawayfromhomeallowances; together with travel diaries, employee declarations, etc.   ...read more

ATO comes down hard on monies owed to 'bucket' companies Editor: By way of background, for many years now the T ax Office has accepted that trusts could make distributions to private companies but not actually have to pay the amount. These were called unpaid present entitlements. These amounts were taxed in the hands of the company and the trustee was able to continue to use the funds for the benefit of all the beneficiaries. The Tax Office has now reversed that longstanding view and issued a draft ruling that many see, at the very least, as contentious.   ...read more

ATO comes down hard on monies owed to 'bucket' companies Editor: By way of background, for many years now the Tax Office has accepted that trusts could make distributions to private companies but not actually have to pay the amount. These were called unpaid present entitlements. These amounts were taxed in the hands of the company and the trustee was able to continue to use the funds for the benefit of all the beneficiaries. The Tax Office has now reversed that longstanding view and issued a draft ruling that many see, at the very least, as contentious. New draft ruling The new draft ruling means that, generally speaking, where a trust does not physically pay out a distribution to a private company, the Tax Office will deem that a loan has been provided by the private company to the trust. Where that occurs, the amount owing under the 'newly created loan' may be treated as a dividend to the shareholders of the company.   ...read more