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.

Features:

• 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 ...

Features:

• 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.

Features:

Features:

• 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. ...

Features:

Features:

Features:

Features:

Features:

Features:

Features:

Features:

Features:

Features:

Features:

Features:

Features: