July 2011

  • New movie highlights the St Kilda Triangle dispute

    After years of battling on the streets and in the Victorian Civil & Administrative Tribunal, our client unChain St Kilda successfully achieved its goal and the goal of many St Kilda residents in preventing the proposed redevelopment of the St Kilda Triangle.

    A movie now showing at the Melbourne International Film Festival tracks the progess of this dispute from the initial opposition at Council meetings to many complex legal disputes, including freedom of information applications, administrative law review and costs disputes.

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  • Proposed changes to introduce an income test for the 30% private health insurance rebate

     
    • Singles whose income for surcharge purposes is from $80,001pa to $93,000pa inclusive and couples/families whose income for surcharge purposes is from $160,001pa to $186,000pa inclusive in the 2011-12 financial year, who hold a complying private health insurance policy, will have their private health insurance rebate reduced from 30% to 20% in relation to premiums and amounts in respect of premiums paid on and after 1 January 2012.
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  • Yan Yean Road Public Acquisition Overlay and Compulsory Acquisition

    Last night, Andrew Blogg and I, together with Peter Hay (an independent expert property valuer), hosted a meeting at the Plenty Hall in Plenty. We answered community wide queries about the coming Public Acquisition Overlay (PAO) and the impact on residents in the area, particularly once the overlay is put in place. We also canvassed the process for the compulsory acquisition of those properties.

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  • Bar raised for directors’ duties

    Justice Middleton in his Federal Court judgment found that eight directors of the Centro group had breached their duties as directors by failing to notice multi-billion dollar accounting errors.

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  • Tax Withholding 2011-2012

    Wage earners who are paid on a fortnightly basis should note that there will be 27 pays in the 2011-2012 financial year.   As a result, a shortfall in tax withheld may occur. Rather than experience a tax bill at the end of the year of up to $960 depending on your tax bracket, you could arrange for extra tax to be taken from your pay each fortnight. In order to prevent this shortfall the extra tax withheld should be:
     
              
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  • Trust Income Streaming

    Steaming of Capital Gains and Franked Dividend income from Trusts is possible for the 2011 income year. Trustees should review trust deeds to ensure that the deed allows streaming of income to specific beneficiaries. Recent trust deeds normally permit streaming; however, it is worthwhile checking the deed to ensure it does allow streaming and consider whether any amendments need to be made. Trustees that intend to stream franked dividend income must ensure that beneficiaries’ specific entitlements are recorded in the accounts or records
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  • Flood Levy

    Taxpayers should note that taxable income over $50,000 will be subject to a flood levy. The taxable incomes between $50,000 and $99,999 will be subject to a flood levy of 0.5% on income over $50,000 and those whose taxable income is more than $100,000 will be subject to a levy of $250 plus 1% on income over $100,000. As an example if your income is $80,000 your flood levy will be $150.00 ($80,000-$50,000 x 0.5%). Some exemptions will apply.
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