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Address: 17D Chester Street, Oakleigh VIC 3166

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Tax Office sounds alarm on popular property strategy
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Work-Related Expenses
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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

George & John, Newsletter and Information

September Newsletter

Welcome to the next newsletter and information from Aubrey Paton & Associates.

In this Issue -

  • Something new for Self Managed Superannuation Funds - borrow to purchase real estate.                                                                                    Link Here
  • ATO compliance crackdown - The ATO annual compliance program serves as a fair warning                                                                                    Link Here
  • The New MYOB Software release and special deals.           Link Here
  • Fringe Benefits Tax - Meal Cards                                          Link Here                    The May 2008 Federal Budget indicated that Fringe Benefit’s Tax exemptions would be removed for meal card benefits provided, but the law is very different from the announcement
  • Work Related Deductions - Personal Care Services            Link Here                   Has the scope range of deductions expanded for work related claims?
  • Prescribed Private Funds                                           Link Here                         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.


In case you missed out on the last issue we included information on: Link Here

George Psiakis & John Clarke


Self Managed Super Funds                                                   Printable

Self Managed Superannuation Fund`s ("SMSF`s") can now borrow to purchase real estate. Previously this was not possible.
However, like all things Superannuation, the rules around borrowing are complex.
For example, to comply with the rules, prior to making an offer to purchase a property, a SMSF needs to establish a "Security Trustee" to hold title to the property.

The following diagram represents an example complying structure.   


Please call us to make sure that any purchase complies with the new rules to avoid unnecessary income tax penalties, future capital gains tax and even double stamp duty.  


ATO compliance crackdown should be a wake up call

Date issued: 13 August 2008                                                                Printable

The ATO annual compliance program serves as a fair warning to all taxpayers, CPA Australia has said.

CPA Australia CEO Geoff Rankin said the ATO's 2008 - 2009 compliance crackdown gave taxpayers, especially individuals and smaller enterprises, ample time and information to ensure their tax affairs were in order.

'The program acknowledges the complexity and scope of the Australian tax system while aiming to ensure that all taxable entities are compliant,' he said.

'The system's complexity is such that 73 per cent of individuals and 95 per cent of businesses now see a registered tax agent. The compliance program is a timely reminder for businesses and individuals to speak to a qualified CPA tax agent where necessary to ensure their affairs are in order.

'The compliance program's approach which emphasises education, information and transparency as opposed to being purely punitive is a positive step. Nevertheless the program will utilise the technology and resources available to the ATO to ensure compliance and collect tax revenue due.'

Mr Rankin said the focus on smaller enterprises, 'mum and dad' investors, international transactions and individuals, meant reviewing and modifying behaviour where necessary was crucial.

'Individuals, smaller enterprises and smaller investors, including those with offshore transactions, must take care in ensuring their affairs are in order. The complexity of some of these affected transactions means some taxation requirements may sometimes be overlooked but the need to be thorough, from a compliance viewpoint, has never been greater.'

The annual compliance program will focus on the following areas among others:

  • investors (undisclosed capital gains including gains from disposing of assets to invest in superannuation)
  • international transactions (using technology and agreements with international authorities to verify tax compliance of international transactions)
  • undeclared income (particular emphasis on partners and beneficiaries who have not returned their share of partnership or trust income)
  • work related expenses (focus on occupations with a pattern of rising claims)
  • cash economy (ATO will contact 50,000 businesses to inquire about their cash economy activity and conduct 5000 reviews)
  • rental property deductions (under-reporting of rental income and over reporting of deductions

'The increasing use of sophisticated technology allows the ATO increased access to data and a greater capacity for data matching to determine compliance for a wide range of transactions. In 2007 - 2008 the ATO received around 78 million income records to ensure assessable income was correctly returned,' Mr Rankin said.

'While individuals and entities are being given every opportunity to comply, the penalties for non-compliance are high so if unclear as to your status speak to a CPA.'

MYOB has released latest versions of MYOB Accounting (V18), MYOB Accounting Plus (v18) and, MYOB Premier (v12) in September.                              Printable

Some of the new features allow you to:

  • Itemised remittance advices and customer statements
  • Saving of report filters and formatting
  • Invoices on statements as at statement date
  • Ability to edit customer receipts and supplier payments
  • Print preview
  • Spell check
  • Advanced search capability

Those using Payroll the new versions allow you to:

  • Email payslips
  • Payroll leave management- To assist in tracking and reporting of leave
  • Employee security changes - To secure employee pay details
  • ETP payment summaries for terminated employees
  • Calculation of State Payroll Tax
  • Reconciliation report for EMPDUPE and payroll data

For all our clients we have some special offers.

MYOB Product                                        RRP                  Aubrey Paton Price

                                                                    $                                              $

  1. Accounting v18                              349                                          299
  2. Accounting Plus v18                      595                                          505
  3. Premier v12                                1,495                                       1,270
  4. AccountEdge (MAC)                    595                                          505
  5. Limited Time, Installation, Chart of Accounts Set Up, GST Set up*              90



  1. Accounting v17 to v18                  249                                          210
  2. Accounting Plus v17 to v18          369                                          310
  3. Limited time, if you need our assistance to up grade  *                                  40

* Conditions Apply