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tax law

SMSFs, new ATO penalty regime and family law

Family Law, tax law,

From 1 July 2014, a new regime applies to potential penalties that may be imposed by the Australian Taxation Office (ATO) against trustees of Self-Managed Superannuation Funds (SMSF). SMSFs in Australia have increased over time from approximately 375,000 in June 2008 to 510,000 in June…
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Personal liability for company taxes

tax law

Question: When can an individual be personally liable for a company’s taxation liabilities? Answer: If they are deemed liable by reason of being a director of that company at a particular time. The director penalty provisions under the Taxation Administration Act 1953 are a powerful tool in…
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Repeal of the ‘Carbon Tax’

tax law

On 17 July 2014, as promised by the Coalition prior to winning the last Federal election, the Senate passed carbon pricing repeal legislation with effect as from 1 July 2014. The legislation passed by the Senate is as follows: Clean Energy Legislation (Carbon Tax Repeal)…
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Tax office amnesty on foreign income declarations

tax law

On 27 March 2014, the Commissioner of Taxation announced ‘Project DO IT’, an initiative within the Australian Taxation Office (ATO) to allow eligible taxpayers to come forward and voluntarily disclose unreported foreign income and assets. From the ATO’s website, this initiative covers amounts not reported,…
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Merger of AMP Limited and AXA Asia Pacific Holdings Ltd

Private Client Services, tax law,

On 30 March 2011, AXA merged with AMP. AXA ordinary shareholders received 0.73 fully-paid ordinary shares in AMP and $2.5464 cash for each ordinary share they held on 16 March 2011. AXA also paid a final unfranked dividend of 9.25 cents per ordinary share. The market value…
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ANTSIS Study Expenses

Private Client Services, tax law,

Following a recent High Court relating to the deductibility of education expenses against Youth allowance income the Australian Taxation Office is amending Tax Assessments for the years ending 30th of June 2007, 2008, 2009 and 2010 to allow for an automatic deduction of $550 for those…
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Flood Levy

Private Client Services, tax law,

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…
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Special Disability Trusts (SDT) – Tax Treatment Issues

tax law

Since 2006, families have been able to establish an SDT to provide for the current and future care and accommodation needs of a family member with severe disability (the "principal beneficiary"). SDTs attract social security means test concessions for the eligible contributors and the principal…
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Tax implications in BHP Share Buy Back

tax law

Shareholders with BHP shares will be receiving information inviting them to take part in the share buy back. The buy back will be at a discount to the current market value and will consist of 28 cents capital component and the balance a fully franked…
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CGT Consequences for an Estate

tax law, Wills & Estates,

Many people fail to consider the Capital Gains Tax (CGT) consequences that can arise after their death, some of which can have a massive impact on the estate itself. Imagine a scenario where a person owns a large portfolio of shares and wishes to bequeath…
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Refunds of Luxury Car Tax : Primary Producers

tax law

Luxury Car Tax (LCT) of 33% applies to most vehicles over the LCT threshold which is $57,466 for the 2010-11 financial year. If the car is fuel efficient, LCT will not apply unless the car exceeds the fuel efficient car limit which is $75,375 for…
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Settlement Payment Taxable as ETP

Employment Law, tax law,

In a recent hearing at the Administrative Appeals Tribunal it was held that a payment received by a taxpayer from his former employer as a settlement to legal proceedings was assessable as an employment termination payment (ETP) and not a tax-free capital payment for personal…
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The ‘Magic Pudding’ does exist

tax law

We recently provided tax advice to a financial advisor on the restructure of a business owned by a husband and wife client which resulted in significant savings. The couple, each aged 55, had during their working life run a small business using a family trust…
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