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Canberra Friday, 2 July 2010: The Government has reached an agreement with the mining sector over the Super Profits Tax with a reduced tax limited in scope. As a consequence, the planned reductions to the company tax rate have been halved. more » |
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3 June 2010: In a decision with far reaching implications to many clients with trusts, the ATO have confirmed their tough stance on trust distributions in their final ruling on unpaid distributions to corporate beneficiaries. more » |
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The ATO’s deadline for making ‘old’ family trust elections (FTEs) and interposed entity elections (IEEs) is fast approaching. These elections must be made by 31 May 2010 in order to be effective for utilising carried forward losses made before the 2005 income year. more » |
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Canberra, 11 May 2010 The media has widely labelled the 2010/2011 Federal Budget the ‘no-frills’ budget and they are not wrong. The Government has released a Budget filled primarily with past announcements, leaked initiatives and a myriad of technical amendments. more » |
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Canberra, 2 May 2010 The Government’s long awaited response to the Henry Review fell short of the comprehensive change anticipated by many. Representing only phase one of a series of predicted changes, the reforms released are only part of the picture and focus exclusively on resource, company and small business taxation. more » |
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29 April 2010 If adopted, the recommendations within the Cooper Review would see a major change to the way SMSFs were managed by Trustees and their advisers. more » |
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Canberra, 23 April 2010: The Government’s long awaited response to the Henry Review will be released on Sunday, 2 May 2010.
The Henry Review is the most comprehensive review of Australia’s tax system in 60 years. The Government’s response is anticipated to herald a series of sweeping reforms. more » |
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30 March 2010: Many accountants will be relieved by the decision handed down by the High Court today in the Bamford trust case.
The High Court has confirmed that the tax result for trusts and their beneficiaries can be determined by the trust deed. In effect, the decision confirms how most practitioners have been treating the tax impact of trust distributions.
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Canberra – 26 November 2009: Draft legislation enabling the creation of a superannuation clearing house for small business with less than 20 employees was released today for comment. more » |
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Canberra - 23 November 2009: The long anticipated Ripoll report into Australia’s financial services industry was released today by the Parliamentary Joint Committee on Corporations and Financial Services. If adopted, the recommendations will see the end of commission based remuneration for financial advisers. more » |
