Phone: (03) 9563 4688

Email: office@aubreypaton.com.au

Address: 17D Chester Street, Oakleigh VIC 3166

Latest Accounting News
Hot Issues
Capital Gains and Renounceable Rights
Treasury finds Australia 'increasingly uncompetitive' as US moves on tax plans
Australia's vital statistics
Our Advent calendar for 2017
SMSFs warned on ‘ticking time bomb’ with outdated deeds
Taxation ruling on commercial website deductibility
68% of SMEs ‘significantly stressed,’ 85% rely on accountants
Statutory wills are underutilised in estate planning
Small business slips on lodgement deadlines
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?
Articles archive
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 3 July - September 2014
Quarter 2 April - June 2014
Quarter 1 January - March 2014
Quarter 4 October - December 2013
Quarter 3 July - September 2013
Quarter 2 April - June 2013
Quarter 1 January - March 2013
Quarter 4 October - December 2012
Quarter 3 July - September 2012
Quarter 2 April - June 2012
Quarter 1 January - March 2012
Quarter 4 October - December 2011
Quarter 3 July - September 2011
Quarter 2 April - June 2011
Quarter 1 January - March 2011
Quarter 4 October - December 2010
Quarter 3 July - September 2010
Quarter 2 April - June 2010
Quarter 1 January - March 2010
Quarter 4 October - December 2009
Quarter 3 July - September 2009
Quarter 2 April - June 2009
Quarter 1 January - March 2009
Quarter 4 October - December 2008
Quarter 3 July - September 2008
Quarter 2 April - June 2008
Quarter 1 January - March 2008
Quarter 4 October - December 2007
Quarter 2 April - June 2007
Quarter 1 January - March 2007
Quarter 2 April - June 2006
Quarter 1 January - March 2006
Quarter 4 October - December 2005
Quarter 3 July - September 2005
Quarter 1 of 2011
Articles
FBT Reminder - Odometer Reading
Australian Taxation office (ATO) provides SMSF Disaster Relief
Youth Allowance - Australian Taxation Office (ATO) Initiative
February 2011 Newsletter
Commonwealth Education Payments
Flood Victims - Recovery Resources
Tax Lodgements for Flood Affected Taxpayers
Bucket Donations to Flood Relief

January 2011 Newsletter

Personal Property Securities (PPS)
Current Depreciating Asset Issues
Budget Promises Fade Away
Flood Victims - Recovery Resources
.

Whilst Queensland and Victorian flood victims were impacted dramatically and the public response has been outstanding, it will be a long, long time to recover.

There will be a number of government resources and co-ordinated efforts to provide benefits in kind, possibly some red tape reduction (although it is unlikely that many of last years fire victims would agree) and it will be an expensive time for most.

Unfortunately, there will always be red tape and victims are encouraged to be persistent and patient and not resort to the easy way out.

Government support, government benefits, council help etc., will typically come without strings, but it will be frustrating to satisfy the bureaucratic mumbo jumbo that goes with our modern society.

It would be unwise to put expenses or capital items on credit cards or borrow from a bank, although naturally there will be a temptation to do so.  Worse still would be applying for early benefits from personal retirement funds.  Hardship provisions for withdrawal from super funds remain the same and generally do not allow withdrawal to meet a short term financial difficulty.

Charitable organisations will be examining every possible way to assist victims and will probably have learnt from the fires last year.  A year after those devastating fires, a significant proportion of the public funds raised still has not been allocated or spent.

Our suggestion – persevere, persevere, persevere, with the bureaucracy and the charities and eventually the money will come.

 



20th-February-2011