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BKM Client Alert Newsletter

Benjamin King Money believe it is important we communicate to our clients about changing business practices and compliance obligations that may affect them. One method of doing this is through our Client Alert which is a monthly newsletter outlining important issues that may impact your business or personal situation. Below are links to our most current issues as well as our archive library.

2011

December 2011/January 2012 Client Alert:

Carbon tax scheme to commence on 1 July 2012
The Government's controversial carbon tax scheme has passed Parliament and will commence on 1 July 2012.
Tax changes for small businesses introduced
The Government has introduced legislation into Parliament which it says would provide tax benefits for small businesses.
Superannuation guarantee to be increased to 12%
Legislation has been introduced into Parliament which proposes to increase the superannuation guarantee rate from 9% to 12%.

November 2011 Client Alert

October 2011 Client Alert

September 2011 Client Alert

July 2011 Client Alert

May 2011 Client Alert

April 2011 Client Alert

March 2011 Client Alert

2010

December 2010/January 2011 Client Alert

November 2010 Client Alert

October 2010 Client Alert

September 2010 Client Alert

Benjamin King Money - Celebrates 50 Years

Testimonials

BKM instrumental in assisting

At the end of the 07 financial year BKM was instrumental in assisting existing Director of Atlantic Insurance Brokers in the buyout of the companies major shareholder and Managing Director - this included tax planning - budgeting - cash flows and the like.

Graeme Palframan - Atlantic Insurance

Click here to read testimonials from our clients.

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Features:

Business tax losses under Tax Forum spotlight
The Government has set up a working group to review the treatment of business tax losses.
Tax Office views on SMSFs, real property and borrowing rules
Draft ATO views concerning self-managed super funds, real property and borrowing rules.
Tax law changes to tackle phoenix activities
Parliament is debating legislation which aims to deter company directors from engaging in phoenix activities.

Features:

Cash Economy Still On ATO's Radar
The ATO has maintained a focus on its compliance activities in relation to the cash economy
Don't Take The Bait On Tax Avoidance Schemes
The ATO has recently identified a number of tax avoidance schemes which it says are a risk to small businesses
Capital Gains Tax Bills For Failing Test
The Administrative Appeals Tribunal has recently handed down two decisions concerning CGT concessions for small businesses.

Features:

Carbon Tax To Commence On 1 July 2012
The Prime Minister has announced details of the Government's plans to put a price on carbon.
Tax Discount On Interest Income
The Government has released details on its proposal to provide individuals with a 50% tax discount on interest income from 1 July 2012.
Government Set On Countering Phoenix Activities
The Government has proposed tax law changes to counter fraudulent phoenix activities by company directors.

Features:

Car Fringe Benefit Taxation about to Change
Legislation to simplify the method for determining the taxable value of car fringe benefits
Dependent Spouse Offset on the Chopping Board
The dependent spouse tax offset will soon be restricted
Low-Income Taxpayer Offset to End for Most Minors
Law changes to restrict access by minors to the low income tax offset

Features:

Deferring Income
Tips to defer the recognition of income
Superannuation
Tips on strategies and a focus on excess contributions tax
Paid Parental Leave Scheme
Some tax implications for employers and recipients

Features:

Cash Economy Letters Encouraging Compliance, Says Tax Office
According to the Tax Office, its cash economy letter program is encouraging positive compliance behaviour.
Watch Out For Scammers, Says Tax Office
The Commissioner has reminded people to be aware of scam behaviour and to report anything suspicious.
Tax Office's Approach To Self-Managed Super Funds Affected By Floods
The Tax Office has indicated how it will deal with SMSFs that own flood or cyclone-damaged buildings purchased under strict borrowing rules.

Features:

Temporary Flood Levy Proposed
The Prime Minister has proposed a one-year flood levy for individual taxpayers to help raise revenue to fund the reconstruction cost for flood-affected areas of Queensland and elsewhere.
Tax Help for Flood Victims
The Government and Tax Office are offering tax help for taxpayers severely affected by the floods in Queensland and elsewhere.
Same Trust, so Capital Gain Can Be Offset by Earlier Losses
The Full Federal Court has found a trust could apply capital losses to offset a capital gain made from a property sale.

Features:

Employing your Spouse? Ensure There's an Employment Relationship
Two recent cases before the Administrative Appeals Tribunal dealt with the scenario of a husband employing his wife to assist with looking after rental properties.
SMSFs and Private Companies Investing in Trusts: Tax Office Warning
The Tax Office has warned self-managed super funds (SMSFs) and private companies not to invest in trusts with the intention of making funds available for lending to members or shareholders.
Tax Office Highlights Common PAYG Instalment Errors
Tax Office has noted common errors that preparers make when completing PAYG instalment details on business activity statements.

Features:

Tax Office Scans Car and Real Property Purchases
The Tax Office will collect records relating to motor vehicle purchases and real property transfers from relevant government authorities.
Compromised TFNs Still a Problem, Says Ombudsman
The Commonwealth Ombudsman has expressed concerns about how the Tax Office had handled complaints about compromised tax file numbers (TFNs).
Tax Office Highlights Errors in Claiming Deductions for Super
The Tax Office has highlighted common errors made by individuals when claiming tax deductions for their personal superannuation contributions.

Features:

Tax Office Eyes Overdue Tax Lodgments
The Tax Office is eyeing companies, trusts, partnerships and individual taxpayers which have overdue income tax returns.
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.
Tax Scams On Tax Office Radar
The Tax Office has recently highlighted the emergence of new tax schemes, warning taxpayers to be vigilant.

Features:

Payment Summaries and Reporting of Incorrect Super Amounts
The ATO says some employers have been incorrectly including compulsory super amounts as reportable employer super contributions on their employees payment summaries.
New SMSF Member Verification Process in the Pipeline
The ATO has announced that it expects to implement, later this year, a new self-managed super fund member verification process.
ATO Keeps a Close Eye on the Cash Economy
The ATO has reminded taxpayers that increased data-matching and benchmarking will be used to identify businesses participating in the cash economy.