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JUNE 2011

Happy Year End to All.

Please note that the date for lodgement of your 2011 Income Tax returns is NOT 31st October 2011.

As your return is prepared by us as your Tax Agent, we have due dates past October. However we do appreciate your returns nice and early so as we can get them lodged as soon as possible.

Topics for this edition are -

The ATO has once again advised of its "targets" for the 2011 year. These range from "the Wealthy", Executives, Directors and other highly remunerated personnel, through to Contractors, Earthmovers, Flight Attendants, Real Estate Agents and Construction Workers, with emphasis on "Work Related Deductions".

Also under investigation are Landlords - all categories.

Just a note to our Business clients - we will again be matching your results to the ATO Benchmarks for your industry/business type; please be aware that deviation either above or below these Benchmarks could/will end with an audit of your return by the ATO.

Such audits increased last year and we expect them to continue this year. Please ensure that your records are correct and up to date, and maintain copies of all source data relative to Asset purchases or sale.

The new Trust Laws have now been passed and are Law; this pertains to the "streaming" of Capital Gains and Imputed Credits through Trusts to individual Beneficiaries. Although this practice will continue under the new Law, changes have been made in that to receive such distributions the Beneficiary(s) must be "Specifically Entitled".

We will be reviewing all Trust Deeds on hand to ensure -

1.       The Deed allows for "streaming"

2.       Allows segregation of Income as Capital and Income

3.       Provide for Trust minutes to cover Beneficiaries regarding being "Specifically Entitled"

This procedure must be complete by 31 August, and we will be notifying those clients affected where the current Deed does not provide for the new Law; such Deeds will need amendment. If we do not have a copy of your Trust Deed we will contact you to provide a copy for our use.

Self Managed Superannuation Funds are again in the picture, this time in regard to the practice of businesses renting premises from their Super Fund. It is not as straight forward as it may seem.

Finally to all Directors - please be aware of your responsibilities - read your Financial Statements - ensure that they are correct and do reflect the company's activity for the period/year in question.

Cheers

George Psiakis and John Clarke.

 

Included in this June communiqué -

          ATO reveals targets for the FY2012 - the wealthy, contractors, and GST dodgers on the hit list, SmartCompany - Link Here

          ATO targets work-related deductions in lead up to June 30, SmartCompany- Link Here

          Landlords under investigation as ATO cracks down, PropertyObserver - Link Here

            New trust laws expected this week, accounting bodies welcome certainty on income streaming, SmartCompany - Link Here

          Eight considerations before renting from your SMSF, PropertyObserver - Link Here

          Centro Case: A warning for all company directors and their advisors, E-News, Harwood Andrews, Lawyers - Link Here

          Special Mention, Life Insurance Advocates Pty Ltd



5th-July-2011