Friday, September 20, 2013
Beware of artificial trust arrangements to avoid tax The ATO has issued an alert to warn taxpayers that it is aware of arrangements where a discretionary trust is used to effectively funnel large capital gains to a newly incorporated company that is then wound up to avoid paying taxes. The ATO says these arrangements concern […]
Read More >Wednesday, July 24, 2013
Specific tax rule to prevent dividend washing On 28 June 2013, the Assistant Treasurer announced that the Government will prevent “dividend washing” by introducing a specific integrity rule into the tax law. This follows the Government’s 2013–2014 Federal Budget announcement that it will implement reforms to close, with effect from 1 July 2013, a loophole […]
Read More >Friday, May 17, 2013
PERSONAL TAXATION 2015 tax-free threshold increase “deferred”, otherwise no changes The Treasurer confirmed that the previously planned increase in the tax-free threshold from $18,200 to $19,400 from 1 July 2015 will not proceed. Instead, it will be “deferred”. Personal tax rates have otherwise remained unchanged. This means that for the 2012–2013, 2013–2014 and 2014–2015 years, […]
Read More >Friday, May 17, 2013
Cap on work-related self-education deductions The Government has announced that it will introduce a $2,000 per-person cap on tax deduction claims for work-related self-education expenses. The cap is proposed to apply from 1 July 2014. In making the announcement, Treasurer Swan said that without a cap, “it’s possible to make large claims for expenses such […]
Read More >Thursday, May 2, 2013
Tax planning There are many ways in which taxpayers can take advantage of tax planning initiatives to manage their taxable incomes. In order to maximise these opportunities, taxpayers need to start the year-end tax planning process early. Of course, when undertaking tax planning, taxpayers should be cognisant of the potential application of anti-avoidance provisions. However, […]
Read More >Thursday, March 7, 2013
Click to play Season’s Greetings from the team at RRY Kindly note during the festive season our office will be closed from 22nd December 2012 to 9th January 2013, inclusive
Read More >Thursday, November 1, 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 […]
Read More >Wednesday, September 7, 2011
Tax Office announces compliance focus areas The Commissioner of Taxation has released the Australian Taxation Office’s compliance program for the 2011–12 financial year. Under the program, the Australian Taxation Office (ATO) plans to enhance its tax fraud detection and management strategies, concentrate on sham contracting arrangements and continue its extensive data matching and risk profiling […]
Read More >Monday, March 7, 2011
Temporary Flood Levy Proposed The Prime Minister, Julia Gillard, has proposed a temporary flood levy for individual taxpayers to help raise revenue to fund the reconstruction cost for areas of Queensland and elsewhere which were affected by severe flood damage earlier this year. The flood levy is proposed to apply for one financial year from […]
Read More >
Roseby Rosner & Young is a Certified
Practicing Account
Receive the latest Tax Updates newsletter,
news and event information.