Phone: (03) 9563 4688

Email: office@aubreypaton.com.au

Address: 17D Chester Street, Oakleigh VIC 3166

Latest Accounting News
Hot Issues
Touch Payroll (STP)
‘Calm before the storm’: Government proposes 12-month SG amnesty
Government intensifies cash payments crackdown - Kelly O'Dwyer
Passive investment companies tax rate still 30%
Cryptocurrency audits tipped to increase this EOFY
Australia by numbers – Update
$2.4m lost to tax scams, ACCC reports
No GST on digital currency
Federal Budget 2018 - Overview
Your Budget
4 components of our 2018 Federal Budget
Resources to help understand and implement Single Touch Payroll (STP)
New rules capture SMSFs trading big with cryptocurrency
New passive income test for lower corporate tax rate
Tools to help you manage your financial position are available on our site.
‘A simple mistake can attract our attention’: ATO reminder about FBT slips-ups
Australia by numbers – Update
Beware residency rules if moving overseas
Meaningful tax reform in high demand
Working holidaymakers and tax returns
Single Touch Payroll – 1 April 2018 Action
Property investors on notice after ATO spots false claims
ATO issues update on cryptocurrency compliance traps
Australia's vital statistics
Accountants spy elder abuse spike as mortgage stress sets in
Tax office releases fresh guidance on SMSFs
Labor's tax plans could favour the rich, analysis shows
FBT Reminder – Odometer Reading
Our website is really our digital office.
Articles archive
Quarter 1 January - March 2018
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 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
Trust Streaming and Tax File Number (TFN) Notification
.

Following a High Court decision last year – known as the Bamford decision – legislation has been formally enacted to provide certainty to trusts in relation to the streaming of capital gains and franked distributions (including any attached franking credits) to specific beneficiaries.

The taxation of trust has been quite vague, since family trusts became popular over 30 years ago.  Treasury has a great deal of work to resolve the many remaining complexities, with this interim measure solving just one of the problems.

Trustees may need to notify the ATO of beneficiaries TFN’s well before lodgement of income tax returns.  Uncertainty remains.  Is this notification within 28 days, or of a distribution of a payment or are they same?

The ATO want TFN’s for beneficiaries receiving distributions last year (i.e. before 30 June 2011) by 31 August 2011, unless they were notified when lodging 2010 income tax return or are under the age of 18 years

You can assist your tax agent by ensuring that any children likely to turn 19 in the near future have a TFN.  It is a cumbersome process, so we suggest that you start with an appointment at a Post Office many months before the child turns 19 years of age.

As the legislation for franking credits and capital gains flowing through trusts was finalised so close to the end of the income year, the Australian Taxation Office (ATO) has decided to extend the time allowed for trustees to record a beneficiary’s entitlement to a franked distribution for the purpose of the new legislation for the 2010–11 income year only.

The extension ends on 31 August 2011.

 



21st-August-2011