Phone: (03) 9563 4688

Email: office@aubreypaton.com.au

Address: 17D Chester Street, Oakleigh VIC 3166

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
Articles archive
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 3 of 2011
Articles
Personal Services Income Rules
Unpaid Directors' "Fee Schemes"
Sham contracting arrangements
August 2011 Newsletter
Superannuation Miscalculations to be Costly
Securely transfer your files to our Office
Trust Streaming and Tax File Number (TFN) Notification
SMSF Management
June 3011 Newsletter
Tax Time Checklist - Individuals
Company, Trust or Partnership Tax Return Checklist - 2011
Superannuation Fund Tax Return Checklist - 2011
June 3011 Newsletter
June 3011 Newsletter

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