Client Alert

Client Alert is RSM Bird Cameron's monthly client newsletter featuring the latest tax issues affecting you and your business, including announcements from the ATO, superannuation and trusts.

Current Issue

In this issue, we look at:

• Trust Streaming - Certainty Almost Here - Law changes to provide certainty to trusts in relation to the streaming of capital gains and franked distributions.
• Car Fringe Benefit Taxation about to Change - Legislation to simplify the method for determining the taxable value of car fringe benefits.
• Dependent Spouse Offset on the Chopping Board - The dependent spouse tax offset will soon be restricted.
• SMSF Non-Complying Status Affirmed, Despite Tragic Circumstances - An Administrative Appeals Tribunal case concerning the non-complying status of a superannuation fund.
• Goods Taken From Stock for Private Use - The Tax Office has updated the amounts the Commissioner will accept for 2010-2011 as estimates of the value of goods taken from trading stock for private use.
• Travel and Study Scams on Tax Office Radar - The Tax Office has warned taxpayers of dodgy arrangements which involve claiming inflated holiday travel expenses.
• Low-Income Taxpayer Offset to End for Most Minors - Law changes to restrict access by minors to the low income tax offset.
• Commissioner's Claim to Recover GST Refunded Not Out of Time - An Administrative Appeals Tribunal case concerning ATO recovery of GST refunds.
• GST and Tax Invoice Requirements - The Tax Office has issued a draft ruling on the minimum information requirements for a tax invoice.
• Deductibility for Private Pilot's Licence Cost Denied for a Solicitor - An Administrative Appeals Tribunal case concerning deductibility of disputed expenses.