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Client Alert for March 2013


No splitting of rental income for couple
The Administrative Appeals Tribunal (AAT) has refused a husband's argument that he could split his rental income with his (now estranged) wife even though the commercial property was registered under his name only.

The taxpayer had lodged tax returns on the basis that the property was shared equally between him and his wife. However, the Commissioner formed the view that as the property was in the husband's name only, the rental income from that property belonged to him alone.
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Client Alert for February 2013


Tasmanian bushfires - lodgment and payment deferral
For victims affected by the Tasmanian bushfires of January 2013, the ATO announced that it will make arrangements to defer lodgment and payment of certain monthly and quarterly activity statements. The arrangements are automatic, which means taxpayers who reside in certain identified postcodes will not have to apply for a deferral.

Taxpayers who are located outside of the identified postcodes and who have been affected by a natural disaster are encouraged to contact the ATO for further assistance.
 
The Tasmanian State Revenue Office has also announced an extension of the time to pay land tax bills for persons affected by the bushfires.
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Client Alert for December 2012 - January 2013


Mini-budget tightens fringe benefits, health rebates and more
The Government's mid-year budget update was handed down in late October 2012. The Treasurer revised down the expected Budget underlying cash surplus to $1.1 billion for 2012-2013 - down from $1.5 billion estimated in the May 2012 Budget.

The Government did not announce anticipated changes to claw-back superannuation tax concessions (much to the relief of many superannuation investors). However, the update did contain a host of small, but not insignificant, tax proposals.
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Client Alert for November 2012

 
ATO benchmarking can be improved: report

The Inspector-General of Taxation's report into the ATO's use of performance benchmarks to target small businesses who may not be reporting all their income has been released by the Government and it says that improvements can be made.
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Client Alert for October 2012


New company loss carry-back regime
The Government intends to introduce a company loss carry-back regime and has released draft legislation for public consultation.

Under the proposal, which will have effect from 1 July 2012, companies will be able to carry back up to $1 million worth of losses to obtain a refund of tax paid in the previous year. From 1 July 2013, companies will be able to carry back up to $1 million worth of losses against tax paid up to two years earlier.
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Client Alert for September 2012


Company tax rate cut comes with compromises
The Government's Business Tax Working Group has recently released a discussion paper highlighting a number of possible ways in which a company tax rate cut could be funded from within the business tax system.
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Client Alert for August 2012


ATO data-matching programs
The ATO has revealed details of two new data-matching programs aimed at identifying tax non-compliance. These will affect individual taxpayers.The ATO has advised that it will collect share transaction details from various organisations relating to securities held in ASX-listed entities. The details will be electronically matched with ATO data holdings. Areas of concern for the ATO include incorrect compliance with capital gains tax, income tax and GST obligations. The ATO said around 1.2 million individuals will be affected by the program.
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