Newsletter
October 2010 Newsletter
Debts Result in CGT Small Business Concessions being Denied
The AAT has confirmed that debts of $3.8m that a taxpayer was owed by related business and investment entities were unquestionably ‘CGT assets’ of the taxpayer that had to be taken into account under the maximum net asset value test. Click heading to read further.read more
Court Can't Review Tax Office Decision to Delay GST Refunds Payable
The Federal Court has dismissed a taxpayer’s application for a review under the Administrative Decisions (Judicial Review) Act 1977 (AD(JR) Act) of a Deputy Commissioner’s decision to ‘withhold’ GST refunds that were payable under the GST Act. Click heading to read further.
read more
Deduction of Super Contributions - Ensure Paperwork Valid
The Tax Office has reminded self-managed super fund (SMSF) members that if they intend to claim a tax deduction for their personal superannuation contributions, they must complete the correct form. Click heading to read further.read more
Donations to New Zealand Christchurch Earthquake
The Government has announced that all donations by Australians to the Christchurch earthquake will be tax deductible. Click heading to read further.read more
No Indemnity for Wound-up Corporate Trustee, Says Court
The Federal Court has held that the basic principle that a trustee is entitled to be indemnified out of trust property for liabilities incurred in administering the trust does not apply to a corporate trustee. Click heading to read further.read more
Education Tax Refund, You Claim It, They Check It
The Tax Office has launched its Education Tax Refund Data Matching Project that will see it request and collect names and addresses of taxpayers eligible for Family Tax Benefit Part A from Centrelink. Click heading to read further.read more
Tax Office Eyes Overdue Tax Lodgments
The Tax Office has recently advised that it will write to more than 19,500 tax agents about their clients (other than large businesses and super funds) who have overdue lodgment obligations. Click heading to read further.read more
Direct Debit for GIC free Payment Deal
In June 2009, the Commissioner announced new measures to help small businesses with annual turnovers of less than $2m (ie ‘micro businesses’) that were struggling to manage their tax debts. Click heading to read further.read more
Tax Scams on Tax Office Radar
The Tax Office has warned taxpayers to avoid being the victim of identity and tax return fraud. It reminded taxpayers that the Tax Office never sends emails asking for passwords, banking and credit card details. Click heading to read further.read more