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Hello to All 

Some “oldies but goodies” have come to light this month. 

The constant attempts to gain deductibility for one’s home loan interest have again caught the Taxman’s eye.. Even under a combined loan or “drawdown” facility, none of the interest incurred in regard to that portion of the loan that relates to the family home is deductible. In fact we have software that segregates the interest according to the Principle amount involved from each payment made on the loan. 

A new Tax Office ruling has come into question regarding whether the sale of an asset by a Trust – particularly when that asset is a share in a company – is on Capital account (and thus has access to the capital gains tax discounts if held for more than twelve (12) months prior to sale) and Revenue account.

In our opinion, it is the daily “normal” activities of the Trustee (and therefore the Trust), that would determine, or lead one to note whether the sale is Capital or Revenue in nature. If the Trust has repeatedly over an acceptable period of time bought and sold assets of a similar kind, this would tend to indicate that the activity is one of revenue earning; if items are purchased and held for a period (at least twelve (12) months or more), and the “normal “ activity is to engage in such purchases more so than in the sale of such items, then the nature of the transaction is more likely to be on Capital account.

Common sense will always prevail, and the nature of the activity as determined by a professional Practitioner and advised to the client will be based on logical fact. 

Small Business owners be aware of your responsibility in regard to employees and their classification as Contractors. Remember that unless all the boxes are ticked, what you think may be a contractual relationship, may be seen, and the “contractor” deemed to be an employee.  

Recently the Directors of the Centro Group were found (Federal Court Ruling) to have breached their obligations in regard to the Financial Statements presented and signed off by them. To ALL company directors, this should be a warning to check the accounts as presented at year end. You “know” your business and what “it did” during the year; the accounts should reflect exactly that, and the result shown should not really come as a surprise to you. 

Finally confusion reigns – with whom are your funds invested with?. This is becoming a regular comment from several clients. If this worries you, ask the Planner to explain and advise you of his/her financial ties. Who does he represent, how and why. Can he act independently and thus advise you on product or investments that are not part of another domain. 

Any queries, please ring and discuss, 

Cheers     George Psiakis and John Clarke. 

  • Included in this August communiqué – ATO sounds warning on split loan schemes, SmartCompany - Link Here
  • ATO in fresh crackdown on trusts after confusing ruling on asset sales, SmartCompany- Link Here
  • Contractors: How Small Business Can Work Out the Real Deal, Greg Hayes -Startupsmart - Link Here
  • ASIC warns directors on financial reporting, SmartCompany - Link Here
  • Confusion over Financial Planner Independence, Roy Morgan Research - Link Here