Helpful light shines on CGT complexity

Helpful light shines on CGT complexity

By Terry Hayes on February 9, 2010

We’ve all heard of the 2 certainties – death and taxes. Capital gains tax (CGT) neatly fits into the tax certainty – it is likely to appear almost everywhere.
 CGT is one of the most ubiquitous taxes in the Australian tax system. It’s not too trite to say that almost every transaction a practitioner may advise ...more

Chasing high interest rate accounts – at least the Govt is happy!

By Terry Hayes on February 8, 2010

With banks chasing funds, the interest rates on many savings accounts are at higher than expected levels. Rates approaching 8% for term deposits are not unheard of. The press is full of headlines that those looking to save are in the box seat. Well yes and no!
 Those happiest about the investment rates currently on offer ...more

More than $500m in education tax refund left unclaimed

By Tax News Division on February 3, 2010

According to Tax Office figures, only half of all eligible Australian families have lodged a claim for the education tax refund (ETR), leaving more than $500m in unclaimed benefits. As at 13 November 2009, only $488m of the projected $1.02bn cost for the ETR had been claimed in tax refunds.
The ETR provides eligible parents with ...more

Previous Pause Next

Tax reform: Dr Henry flags tax increases, but tax concessions to keep skilled workers at work

By Tax News Division on February 3, 2010

At a recent address in Sydney, Treasury Secretary and Chairman of the tax system review, Dr Ken Henry, said he considered that tax reform should always be a project for the coming decade – not just the coming weeks or months. It was not, he said, desirable to try to do everything at once.
Dr Henry ...more

New Paid Parental Leave scheme: no law yet, but tax practitioners will be involved

By Tax News Division on February 3, 2010

In the 2009-10 Federal Budget on 12 May 2009, the Federal Government announced it would introduce a Paid Parental Leave (PPL) scheme. While legislation for the new scheme has yet to be introduced in Parliament (although a package of 3 Bills is proposed for introduction in the first session for 2010 ), draft minutes of ...more

New income tax processing system: ATO update

By Tax News Division on February 3, 2010

The Tax Office has provided an update on its progress in upgrading to a new income tax processing system. They have advised that data has moved from its current system into the new system ahead of schedule and that “all other aspects of the deployment are on track”.
However, the Tax Office warns that as it ...more

CGT scrip-for-scrip rollover – law to be amended with effect from 6 Jan 2010

By Tax News Division on January 22, 2010

On 6 January 2010, the Assistant Treasurer announced that the Government will introduce legislative changes relating to the requirements for the scrip-for-scrip CGT roll-over in respect of takeovers and mergers approved under the Corporations Act 2001.
Senator Sherry said that, as the law stands, the scrip-for-scrip roll-over may not be available to shareholders even though the ...more

New draft taxation ruling TR 2009D8 affecting Division 7A interests/

By Tax News Division on January 22, 2010

Some issues of concern re ATO Draft Ruling on Div 7A and UPE
- by Tony Greco, Senior Tax Adviser, NIA
The ATO’s release in late December 2009 of Draft Taxation Ruling TR 2009/D8 concerning Div 7A and the treatment of unpaid entitlements of a corporate beneficiary of a trust has certainly generated much interest. If the ...more

Subscribe Today!
 

cforms contact form by delicious:days