 | Knowledge Update
Issue #8, 19 October 2011
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Hi ,
Welcome to our October Knowledge Update.
This month we have highlighted a range of topics from the importance of managing your debtors in tough economic times to a reminder about Payroll Tax and some associated traps. We have also included a practical example of how GST impacts on a small residential property development. The good news article is on the draft ruling issued by the Australian Taxation Office giving clearer guidance on how Self Manaed Super Fund can borrow.
The Whitehills Team |
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| Self-Managed Super Funds: What’s New |
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Over the last 12 months there have been changes, some big and some small, to the rules governing Self-Managed Superannuation Funds (SMSF’s). The most notable of these is the further clarification on when a SMSF can borrow.
Read More |
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With the slowdown in business currently being experienced by a number of SME operators, management of Debtors/Accounts Receivables becomes more important. It is difficult enough to win work in this economic climate. But if you then fail to get paid for all the hard work you have done your job as business owner or manager becomes much more difficult.
Read More |
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Common GST Errors and Property |
| A recent newsletter from the Tax Office highlighted the following result from a tax audit:
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“In a recent case, a property developer sold more than 30 residential properties for in excess of $13 million. During the life of the development, they claimed over $800,000 in GST credits. Once sales of the properties commenced, the developer ceased lodging activity statements. The developer was issued with default assessments of over $1 million in GST payable and we charged penalties of 75%” | |
This example is a reminder of two common situations where GST gets overlooked in a property development. It doesn’t have to be a development of 30 units. The rules apply even if it’s just a small scale splitting of a house on to two blocks.
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Queensland employers or groups of employers that pay $1 million or more a year in Australian wages must pay payroll tax. This threshold differs from State to State. This is a State Government tax and in Queensland is monitored by the Queensland Government’s Office of State Revenue. The tax at first can seem relatively straight forward, however this is a common misconception as there are various guidelines that require understanding. Employers that are either liable for the tax, or are approaching the $1 million threshold need to have an understanding of this tax.
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 Whitehills Business Advisers
GPO Box 571
Brisbane QLD 4001
Phone: (07) 3231 9100
Fax: (07) 3231 9111
www.whba.com.au |
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