Taxation Matters

The centrepiece of the Australia's Future Tax System (“AFTS”) Review (also known as the Henry Review) released on 2 May 2010 is a new resource super profits tax (“RSPT”). The government has also accepted a number of recommendations relating to company and small business taxes and superannuation. However, the delivery of these other changes is contingent on the implementation of the RSPT. The government has indicated that this is intended to be the first step in a 10 year tax reform agenda.

How can ASIC records affect anything to do with tax? What’s ASIC got to do with tax?

The Australian Taxation Office is cracking down hard on excess superannuation contributions, with warnings that investors will face heavy penalties for breaching maximum amounts. The tax office is warning self-managed super members against tipping in excess contributions, including the use of the popular new scheme which splits the money into a separate trust.

The Tax Office has released performance benchmarks for certain retail and service industries. These benchmarks have been developed from income tax and business activity statements lodged for the 2007/08 income year.

The financial year is almost upon us, so now’s the time to start making sure you’re in the best possible position to maximise your tax benefits for this year and the next 12 months ahead.

Who should attend?

Small business operators, and those just starting or thinking about starting a new business, should consider attending these free tax seminars.

Why should you attend?

You will learn about tax issues relevant to owning and operating a small business and receive practical tips for your business.

For many employers, March means fringe benefits tax (FBT) time. As the tax is levied on employers, the compliance headache largely falls on them and they need to have all their paperwork in order to have their FBT returns completed and then lodged on time.

While Jeremy Cooper might be powering along with his review of the superannuation system (his report is due by June 30, 2010), the ATO continues to flag concerns it has regarding the operation of self-managed super funds (SMSFs). And with over 400,000 of them in existence, holding more than $370 billion in assets, a lot of people are in the ATO's sights.

A brochure explaining what you need to know if you or your clients have a tax debt or are having difficulty paying on time.

http://ato.gov.au/corporate/content.asp?doc=/content/00231153.htm

An overview of the ATO'S debt collection strategy.

http://ato.gov.au/corporate/content.asp?doc=/content/00231116.htm