INSPECTOR-GENERAL OF TAXATION REVIEW INTO IMPROVING THE SELF ASSESSMENT SYSTEM

Posted On: Monday, May 13, 2013

On 13 February, 2013 Assistant Treasurer David Bradbury released the Inspector-General of Taxation’s Review into improving the self assessment system.  Read More

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QUESTION & ANSWER

Posted On: Monday, May 13, 2013

I have a client who is a doctor.  I set up a discretionary trust three years ago to run his clinic under that trust.  I prepared the 2012 trust tax return.  I also prepared the dentist’s 2012 personal tax return (taxable income around $290,000).  His wife works in the clinic as a practice manager.  I prepared her 2012 income tax return (taxable income around $80,000).  They are not happy.  They want the distribution from the trust to be 50% each.  What does the law say about the distribution?
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BOARD OF TAXATION REPORT INTO VENTURE CAPITAL RELEASED

Posted On: Monday, May 13, 2013

On 18 February, 2013 Assistant Treasurer David Bradbury released the Board of Taxation's Review of taxation arrangements under the venture capital limited partnerships regime.   Read More

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QUESTION & ANSWER

Posted On: Monday, May 13, 2013

Can a family trust pass on the franking credits on its dividend income to the beneficiaries?  For example, ABC Family Trust receives franked dividends from DD Pty Ltd.  The family trust also generates income from real estate investments.  At the end of the year, the family trust earns a profit which it decides to distribute to individual beneficiaries.  The profit is derived from franked dividends received plus rental income less expenses.
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REFORMS TO CRACK DOWN ON TAX AVOIDANCE AND PROFIT SHARING

Posted On: Monday, May 13, 2013

Reforms introduced into Parliament on 13 February, 2013 will boost the Government's ability to tackle the challenges of base erosion and profit shifting, said Assistant Treasurer David Bradbury.   Read More

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QUESTION & ANSWER

Posted On: Monday, May 13, 2013

Scenario:  I went to buy a new car (utility). The salesman asked if I had an ABN. He said I would receive a discount of about $2,000.00 if I had an ABN. I don't have an ABN but my wife does. She runs a small business from home (not registered for GST).
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TAXMAN SHIFTS FOCUS IN HIGH-TECH BLITZ

Posted On: Monday, May 13, 2013

As per the SMH, the Australian Taxation Office has begun subjecting small and medium-sized business owners to the type of intense scrutiny previously reserved for global firms and the very wealthy in a bid to ensure the sector pays its fair share of tax.
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QUESTION & ANSWER

Posted On: Monday, May 13, 2013

In regards to superannuation payable to a casual employee in the construction industry do I pay super based on 38 hours or all hours worked for the week?
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SEPARATION OF ASSETS - DEALING WITH NON-COMPLIANCE

Posted On: Monday, May 13, 2013

Trustees have always been required to keep the money and other assets of the SMSF separate from those held by the trustee personally or by a standard employer-sponsor or an associate of a standard employer-sponsor.  Read More

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QUESTION & ANSWER (1)

Posted On: Monday, May 13, 2013

My client has a SMSF.  There are 2 members in the fund.  The fund has a bank account, a Term Deposit and a residential property  Read More

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