 | Knowledge Update
Issue #2, 18 March 2011
|
|
|
|
|
Hi ,
Welcome to our March newsletter. It’s been an eventful start to the year for many of us. At this time of the year our focus is on employment related issues such as FBT and the difficulty in identifying just who is an employee. I hope you find it informative.
The Whitehills Team |
|
| |
|
|
|
|
| Employees & Independent Contractors |
| |
One of the more frequent questions I get asked concerns the issue of whether someone is an employee and therefore needs to be put on the payroll or can they be classified as an independent contractor with their own ABN. Importantly for all businesses, this is a real compliance focus with the Commissioner of Taxation this year. The consequences for getting it wrong can be very expensive.
Read More |
|
| |
|
|
| Two significant proposals to improve the Australian Taxation System are currently being circulated for discussion. The first relates to your personal income tax return.
Read More
The second proposed change related to the taxation of trust income. The Australian Courts during 2010 handed down a major income tax decision in the “Bamford” case. The decision has had severe negative tax consequences for many taxpayers. However, the Government is considering changing the law to make life better.
Read More |
|
| |
|
|
|
|
| Business estate planning is the process of arranging your business affairs now to ensure there is no unnecessary deterioration or loss of continuity in your business should you or one of the other stakeholders/owners or other key people leave through illness, accident or death. It should also ensure that the departing owner or their estate will be fairly compensated for giving up their rights to the business.
Read More |
|
| |
|
|
|
| It's almost the 31st March again which means the end of another FBT year. There are a few items that have changed/ are new in 2011 as well as changes to the applicable rates.
Read More |
|
| |
|
|
|
|
Deductibility of Self Education Expenses Against Youth Allowance |
| The ATO has released a Decision Impact Statement stating that Youth Allowance payments are ordinary income in the hands of recipients who are full-time tertiary students. Therefore, study expenses of a full-time tertiary student incurred in deriving Youth Allowance are deductible under section 8-1 of the ITAA 97.
The ATO will be writing to eligible taxpayers or their tax agents between 1 March 2011 and 30 April 2011 to advise that it will be amending tax assessments for eligible taxpayers to include tax deductions for study expenses for the 2007, 2008, 2009 and 2010 income years.
Read More |
|
|
| |
|
|
 Whitehills Business Advisers
GPO Box 571
Brisbane QLD 4001
Phone: (07) 3231 9100
Fax: (07) 3231 9111
www.whba.com.au |
|
|
|
|
| You are receiving this email because you are a customer or have had a reason to provide us with your details in the past. If you wish to unsubscribe from future mailings, please click the unsubscribe link below |
|
|
