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Latest Accounting News
Hot Issues
300,000 SMEs utilising $20K write-off, says ATO
‘A bad thing times 10’: ATO set for new SMSF blitz
Capital Gains and Renounceable Rights
Paperwork bungles lead to $38k in payments
Australian Dietary Guidelines and healthy eating chart (PDF)
Former director liable for company’s unpaid tax liabilities
Resources on our site to help you, your family and your friends.
Super for housing measures enter Senate
No Special Circumstances to allow Excess Super Contributions
Housing tax measures progress to Parliament
AirBnb – wrong tax outcome?
Are young investors wasting their youth?
ATO sending 'more letters than ever' on income tax errors
Powerful Budgeting, cash flow and Super Tools available on our site.
Property, unit trusts in ATO's sights
Australian Dietary Guidelines and healthy eating chart (PDF)
Major Bank Levy Passed
NSW tops list as ATO reveals billions in lost super
How is your super going, ready for retirement?
Australia's leading causes of death - ABS
ATO increasing data exchange with international regulators
Illegal SMSF early access scheme leads to $6,000 fine
Our 'hardest' SMSF tasks
Uber drivers hit for 10% tax
Lack of literacy promotes unrealistic goals
Taxpayer failed to prove that payments were “loans”
New STP dates confirmed as ATO goes on compliance blitz
ATO flags compliance project for FY17/18
Items that heat up your depreciation deductions
Doing a budget is a good idea but ....
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Articles

George & John, Newsletter and Information

Prescribed Private Funds
Work Related Deductions – Personal Care Services
Fringe Benefits Tax – Meal Cards

Deductibility of Interest to Acquire Units in Hybrid Trust

Migration Skills
Depreciation of Computer Software
Investment Property Deductions Disallowed
FBT and Laptop/Portable Computers
Tips When Selling A Property

July Newsletter

Apportionment of Home Office Expenses Affirmed
Investment Property Deductions Disallowed
Prescribed Private Funds
A prescribed private fund is a fund listed by name in the Income Tax Assessment Regulation 1997 as a prescribed private fund, but does not include any fund declared by the Treasurer, in writing, not to be a prescribed fund.

The application process and the requirements to establish a fund are set out in the Guidelines for Prescribed Private Funds.  These guidelines include a model trust deed. Prescribed private funds are established by businesses, families and individuals for philanthropic purposes and need not seek contributions from the public.  Distributions from the fund may only go to DGRs that are not ancillary funds or other prescribed private funds. A list of these deductible gift recipients (DGRs) is set out in the fact sheet Deductible gift recipients listed by name in the tax law (NAT 8443).  They can also be searched on the Australian Business Register at www.abn.business.gov.au   

19th-September-2008