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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.

2010

August 2010 Client Alert:

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.

July 2010 Client Alert

June 2010 Client Alert

May 2010 Client Alert

April 2010 Client Alert

March 2010 Client Alert

February 2010 Client Alert

2009

December 2009/January 2010 Client Alert

November 2009 Client Alert

October 2009 Client Alert

September 2009 Client Alert

August 2009 Client Alert

Benjamin King Money - Celebrates 50 Years

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Lisa Norden - PMD

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Features:

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.

Features:

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

Features:

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.

Features:

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.

Features:

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.

Features:

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.

Features:

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.

Features:

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.