Newsletter
August 2014 Newsletter
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PAYG instalment threshold changes
The ATO has confirmed the Government’s recent announcement that the pay-as-you-go (PAYG) instalment thresholds will change with effect from 1 July 2014.
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Budget Levy from 1 July 2014
The Government’s Temporary Budget Repair Levy is now law. The levy is be payable at the rate of 2% of each dollar of an individual’s annual taxable income over $180,000.
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ATO mining data to find offshore tax evaders
The ATO says it is mining data to identify individuals with undisclosed offshore income and assets.
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Deductions for employee welfare fund denied
The Administrative Appeals Tribunal (AAT) has refused a taxpayer’s claim for deductions for contributions made to an offshore “employee welfare fund”.
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Hunger relief organisation wins FBT exemption case
Hunger Project Australia (HPA) has been successful before the Full Federal Court in seeking endorsement as a “public benevolent institution” (PBI) for fringe benefit tax (FBT) purposes.
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Damages assessable to director personally
The High Court has affirmed that damages received by an individual following a failed joint venture project were assessable to him personally.
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Winemaker not taxable on property sale
The Administrative Appeals Tribunal (AAT) has held that an individual taxpayer who was the controller of several trusts through which he operated a winemaking business, and who was also a beneficiary of the trusts, was not presently entitled to an amount of over $480,000 in profit that one of the trusts made from the sale of business premises.
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