Resources

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

March 2010 Client Alert:

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.

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

July 2009 Issue

June 2009 Issue

Client Alert May 2009

April 2009 Client Alert

March Client Alert

Testimonials

taxation services are of the highest standard

I have engaged BKM's audit and taxation services over the past seven years and I am totally satisfied with their professional and courteous staff. The audit is always carried out in a timely manner, and the taxation services are of the highest standard. I always find the BKM staff accessible and I'm confident they understand the complexity of my business and its needs.
Lisa Norden, CRC for predictive mineral discovery

Lisa Norden - PMD

Click here to read testimonials from our clients.

About Us

Services

Resources

Careers

© Copyright 2008 Benjamin King Money

Web Design and Hosting by Throughput

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.

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.