Newsletter
September 2010 Newsletter
Superannuation Benefits - Timing of Payment by Cheque
The Tax Office has issued a draft self-managed super fund determination which states that a superannuation benefit can be considered to be ‘cashed’ at the time a cheque or promissory note is issued to the member or beneficiary.read more
Batten Down the Hatches!
Batten Down The Hatches! and look out for Foul Seas Ahead! Why the Nautical terms?
Well, we are an Island you know.... And, having said that, I guess what is important from our perspective here in Australia, is we are a little insular.
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September Small Talk Feature Video - Batten down the Hatches
Take a listen to John in September's Feature VideoATO Keeps a Close Eye on the Cash Economy
The Tax Office has reminded taxpayers that increased data-matching and benchmarking will be used to identify businesses participating in the cash economy. Click heading to read further.read more
Share Investor, Not a Share Trader
In a recent case, the Administrative Appeals Tribunal found a taxpayer was not carrying on a share trading business but rather he was a share investor. Click heading to read further.
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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 make a determination to disregard (or to reallocate) excess non-concessional superannuation contributions made by two taxpayers. Click heading to read further.read more
Soldier's Motor Vehicle Travel Expense Claim Denied
The Administrative Appeals Tribunal has denied a claimed deduction for motor vehicle travel expenses incurred by a soldier in the Australian Defence Forces. Click heading to read furtherread more
Payment Summaries and Reporting of Incorrect Super Amounts
The Tax Office says some employers have been incorrectly including compulsory superannuation amounts as reportable employer super contributions on their employees' payment summaries for the 2009-10 income year. Click heading to read further.read more
New SMSF Member Verification Process in the Pipeline
The Tax Office has announced that it expects to implement, later this year, a new self-managed super fund (SMSF) member verification process. Click heading to read further.read more