 | Knowledge Update
Issue #7, 14 September 2011
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Hi ,
Welcome to our September newsletter.
This month we look at trusts and how they can be effective for asset protection. An important tax ruling has issued that may affect many super funds in pension phase if a members dies. Personal liability for Directors is set to expand for unpaid employee superannuation. Finally, we look at the different thresholds and ways you can claim depreciation on new assets. We hope you find this informative.
The Whitehills Team |
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Superannuation, Pensions & Death |
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The Australian Taxation Office has recently released draft ruling TR2011/D3, which is effective from 1 July 2011. The ruling covers two critical stages in the life of a superannuation pension. ‘When does a pension start and when does a pension cease?’ The reason this is important is because when a fund is in pension phase, the Fund’s earnings are tax exempt and the pension received by the individuals is also tax exempt.
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| Proposed Changes to the Small Business Instant Asset Write Off |
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The rules surrounding depreciation can often seem difficult and hard to understand, with numerous clients unsure of what and how to depreciate their new assets. This is because how much you can depreciate an item will depend on the type of entity you are, along with the cost and type of the asset being purchased.
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| Proposed Changes to the Director Penalty Regime |
| Directors may soon be liable for their employees’ unpaid superannuation entitlements.
On 5 July 2011, an exposure draft was released by the Federal Treasurer proposing changes to the director penalty regime. These changes are intended to ensure that employers comply with their compulsory super obligations and to discourage directors from engaging in phoenix activities.
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| I happened to be going through some old files a few weeks back and came across a quote for a new server for our firm from 1987. Quoted Price $89,430.00 - 1 Mg Memory, 320 Mg HD. No doubt it was cutting edge at the time and an essential investment for our business. It of course highlighted just how far technology has advanced.
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Trusts & Asset Protection |
| Trusts play an important role in preserving wealth from financial risk. Much of the negative press about trusts focuses heavily on perceived tax benefits for the rich. This assertion is mainly borne out of ignorance rather than a true understanding of how the taxation system deals with trust income.
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Whitehills Business Advisers GPO Box 571 Brisbane QLD 4001 Phone: (07) 3231 9100 Fax: (07) 3231 9111 |
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