Features:

• Tax Office Sets Compliance Focus Areas for 2010/11
  The Tax Office has released its compliance program for 2010/11
• Trusts Unrealised Gains Can Be Treated as Income
  In a recent case, the NSW Court of Appeal has confirmed that it was permissible for a trust, in terms of its trust deed and accepted accounting principles, to treat unrealised gains made on share investments as income of the trust.

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• Trust Income and Bamford: Tax Office View
  The Tax Office has released a statement outlining the Commissioner's view on the High Court's decision on a case dealing with trust income issues.
• Commissioner's Discretion to Disregard Deemed Dividend Provisions
  The Tax Office has released a Draft Taxation Ruling which outlines the requirements to be satisfied before the Commissioner can disregard a deemed unfranked dividend from arising when a private company lends an amount to a shareholder.
• Various Rates and Thresholds for 2010/11
  The Tax Office has released rates and thresholds for car depreciation, luxury car tax and CGT improvements.

Features:

• Division 7A Applies to 'Payments by Direction'
  A Federal Court decision relating to deemed dividends and directions by a company for its debtor to pay amounts to a shareholder.
• Personal Superannuation Contributions Deduction denied
  An Administrative Appeals Tribunal decision relating to disputed deduction for personal superannuation contributions.

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• Deferring assessable income
  Tips to defer the recognition of income.
• Maximising deductions
  Tips to accelerate the claim for deductions

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• Offsetting Business Losses against other income
  Taxpayers who exceeded the new income threshold can, in limited circumstances, still offset their business losses.
• Self Managed Super Funds and acquiring assets from related parties
  A SMSF Ruling explaining the rules which prohibit an SMSF from acquiring an asset from a related party

Features:

• R&D Tax Offset Abuse
  The ATO has issued a Taxpayer Alert warning taxpayers of investment schemes that abuse the research and development tax offset.
• Superannuation Funds and Illegal Early Release
  The ATO has implemented steps to improve the self-managed superannuation fund registration process to prevent illegal early release of benefits.

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• Improvements to GST Administration
  The Govt. has introduced a Bill proposing improvements to GST administration, including a four year limitation period to claim input tax credits and recovery of overpaid GST refunds.
• Capital Losses and Continuity of Trust
  The Federal Court has affirmed a trust was entitled to offset its capital gains with carried forward capital losses even though the membership of the trust had changed.

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• Proposed Amendments to Tax Laws
  The Government has introduced a Bill proposing amendments to tax laws, including changes to the taxation of employee share schemes and the non-commercial losses rules.
• Collapsed Managed Investment Schemes and Tax Consequences
  The Commissioner has given his preliminary views on the tax consequences for investors with interests in collapsed managed investment schemes.

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• Mail out to Super Fund Members
  The ATO has commenced sending letters to individuals who are at risk of exceeding the superannuation contributions cap.
• Advance to Partnership not a loan
  The AAT has affirmed that an advance of money to a partnership was a capital investment and not a loan.

Features:

• Tax Office Compliance Program 2009/10
  The ATO has released its compliance program for 2009/10.
• New Advice Program for SMSFs
  Self managed superannuation funds can seek non-binding advice on the operation of the superannuation laws under a new program introduced by the ATO.

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• Loans and In-house Asset Rules
  The AAT has upheld a non-compliance notice issued to an SMSF for breaching the in-house asset rules.
• Assistance for Small Businesses
  The ATO has introduced two new measures to assist small businesses in managing their tax payment obligations.

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• Share Transaction Data Matching Program
  The ATO has announced it will conduct an ongoing share market transaction CGT data matching program.
• Tax Law Amendments
  Amends income tax exemption on foreign employment income; temporarily reduces the superannuation government contribution; reduces the superannuation concessional contributions cap.

Features:

• Tax Law Amendments
  The Federal Government has introduced a Bill which seeks to set the PAYG instalment factor at 2% for 2009/10 and allows taxpayers who are voluntarily registered for GST and choose to remit GST annually to also remit their PAYG instalments annually
• Small Business and General Business Tax Break
  Tax Laws Amendment (Small Business and General Business Tax Break) Act 2009 provided a one-off bonus deduction for business that purchase eligible assets.
• 2009 Federal Budget Follow-up
  Superannuation contribution: A new Bill introduced will temporarily reduce matching rates and maximum co-contribution for the government co-contribution.

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• Proposed Amendments to the Tax Law
  The Federal Government has introduced Tax Laws Amendment Bill that includes small business CGT concessions, tax benefits and capital gains tax and tax exemption for certain grants
• Deductibility of self-education expenses
  The Federal Court held that a taxpayer who was receiving the Youth Allowance was entitled to a deduction for self education expenses.

Features:

• Maximising Deductions
  Debtors should be reviewed prior to 30 June to identify and to write off any bad debts
• Capital Gains Tax
  Consider deferring disposal of an asset to 2009/10 income year to take advantage of changes to individual tax rates
• Trusts
  A minor (i.e. aged under 18) can receive up to $2,667 in non-taxable distribution for the 2008/09 income year.
• Developments since 1 July 2008
  Taxpayers should note recent tax law changes.

Features:

• Proposed Amendments to Tax Laws
  The Government has introduced the Tax Laws Amendment Bill into Parliament.
• GST and Uncommercial Property Arrangements
  The ATO has released 2 Alerts warning taxpayers that it is currently scrutinising GST and uncommercial property arrangements.
• Pension Drawdown Relief
  The Government will temporarily suspend the minimum drawdown requirements for account-based annuities and pensions for the second half of the 2008/09 income year.

Features:

• One off Bonuses
  Two Bills introduced by the Government to implement the one-off bonuses announced in the Nation Building and Jobs Plan
• Early Access to Superannuation
  An Alert issued by the Tax Office warning people of arrangements offering early access to their superannuation benefits
• Tax Concessions for Businesses
  Proposed amendments to the temporary investment allowance, which was announced in December 2008
• Decisions by the AAT
  Three separate AAT decisions have been made concerning main residence exemptions, the deferral of HELP repayments and the assessability of lump-sum payments.

Features:

• Tax Laws Amendment
  The Federal Government has introduced a Bill into Parliament to amend certain provisions of the tax laws ...
• Luxury Car Tax
  A Bill amending the Luxury Car Tax (LCT) regime has received enactment. The Bill ensures that ...
• Investment Allowance
  A 10% temporary investment allowance may be available to businesses that purchase qualifying depreciating assets ...
• PAYG Instalment Reduction
  A 20% reduction for the December 2008 quarter PAYG installment payable applies to ...

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• Medicare Levy Surcharge Thresholds
  The Bill to increase the Medicare levy surcharge thresholds received enactment on 31 October 2008.
• Deductibility of Legal Expenses
  In a majority decision, the High Court has found that a former customs officer was entitled to a deduction for legal expenses incurred in defending charges brought against him by his former employer.

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• Investment Property Deductions Disallowed
  AAT denies significant portion of claimed rental property deductions
• Investment Deductions Denied
  expenses incurred by a joint venture were considered too preliminary to warrant a claim for deductions.
• Apportionment of Home Office Expenses Affirmed
  deductions for home office expenses limited to apportionment on floor area basis.
• Property Advice to Non-residents Subject to GST
  Draft GST Determination details the GST treatment of advice given after 1 April 2005 in relation to Australian residential property owned by non-residents.

Features:

• SMSF and Financial Assistance
  The Tax Office has released an SMSF Ruling in which it explains the prohibition on trustees...
• SMSF and Sole Purpose Test
  The Tax Office has also released an SMSF Ruling, which outlines the Commissioner's approach to the application of the sole purpose test in the superannuation legislation. ...
• Compliance Matters
  The Tax Office has announced that it will request and collect details of taxpayers who have registered a marine vessel from the relevant State marine vessel registering bodies. ...

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