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The Growth Areas Infrastructure Contribution is now in force - 7 July 2010
The Growth Areas Infrastructure Contribution ("GAIC") came into force on 1 July 2010. It has commenced despite the fact that the legislation to expand Melbourne's Urban Growth Boundary is still being considered by Parliament.
Now that the GAIC has commenced, affected land owners and their advisors need to take action in order to avoid incurring unexpected costs.
Click here to read Pitcher Partners Tax Bulletin on this topic.
Employment Taxes Update- 11 June 2010
With the year end fast approaching, your attention will turn to a number of employment related taxes and obligations such as PAYG, Payroll Tax, WorkCover and Superannuation Guarantee.
This bulletin will provide some information and tips around completing year end returns and declarations, as well as an update of some recent developments.
Private Company with an Unpaid Present Entitlement - 4 June 2010
Some six months after it released a draft version, the ATO has issued its final Ruling on the circumstances in which a private company with an unpaid present entitlement (“UPE”) from an associated trust may be taken to have made a loan to that trust within the meaning of Division 7A.
Click here to read Pitcher Partners Tax Bulletin on this topic.
Taxation of Trusts - The ATO 'Speaks' 3 June 2010
As we highlighted in an earlier Tax Bulletin, in late March this year the High Court handed down an important decision regarding the taxation of the beneficiaries of trusts. The ATO has now outlined the compliance approaches it will take as a result of the High Court decision.
Click here to read Pitcher Partners Tax Bulletin on this topic.
New Zealand 2010 Budget: Important Tax Changes - 1 June 2010
The The New Zealand Government has recently handed down its 2010 Budget and it contains some important tax changes. This bulletin discusses the most significant tax changes.
Click here to read Pitcher Partners Tax Bulletin on this topic.
2010/11 Federal Budget - 11 May 2010
Click here to read Pitcher Partners 2010/11 Federal Budget Newsletter.
New Tax System for Managed Investment Trusts - 7 May 2010
The Government has announced today that a new dedicated tax system for Managed Investment Trusts will be introduced from 1 July 2011.
Click here to read Pitcher Partners Tax Bulletin on this topic.
Victoria's Growth Areas Tax to Proceed - 6 May 2010
The Bill to implement Growth Areas Infrastructure Contribution in Victoria has been re-introduced into Parliament and is expected to become law soon. When the Bill does become law, it will be accompanied by the law that will expand Melbourne's Urban Growth Boundary to include an additional 24,500 hectares of developable land.
Click here to read Pitcher Partners Tax Bulletin on this topic.
Victorian Budget 2010/11 - 4 May 2010
The Victorian Government has this afternoon handed down its Budget for the 2010/11 financial year. The Budget provides for modest tax relief in the form of a reduction in the rate of payroll tax and a cut in WorkCover premiums.
Click here to read Pitcher Partners Tax Bulletin on this topic.
The Henry Review: What It Means to You and Your Business - 2 May 2010
On 2 May the long anticipated "root and branch" review of the Australian taxation system as well as the Government's initial response to the recommendations made in the Henry Review was finally released to the public.
Click here to read Pitcher Partners Tax Bulletin on this topic.
Research and Development Update: Revised Exposure Draft - 15 April 2010
Following the release late last year of an exposure draft on its proposed changes to the R&D tax concessions, the Federal Government has tried to respond to criticisms from industry, professional bodies and tax professionals by releasing a revised second exposure draft on 31 March 2010.
Click here to read Pitcher Partners Tax Bulletin on this topic.
Important Development Regarding the Taxation of Trusts - 31 March 2010
Earlier this week the High Court handed down what could be a 'landmark' decision regarding the taxation of the beneficiaries of trusts. In Bamford's case the ATO had tried to limit the ability of the trustee of the Bamford Trust to give effect to the terms of the trust deed for that trust in determining how the beneficiaries of this trust should be taxed.
Whilst the ATO has yet to outline the compliance approaches it will now take as a result of the High Court decision, it is likely that it will withdraw Practice Statement PS LA 2005/1 (GA) - which allows a departure from the proportionate approach to tax the recipient of a capital gain even though they do not receive any other income. The effect (if any) that the withdrawal of this Practice Statement may have will depend on the terms of the relevant trust deed.
Click here to read Pitcher Partners Tax Bulletin on this topic.
Division 7A - The 'Minefield' Has Now Been Enlarged - 25 March 2010
Division 7A contains a complex set of provisions that have long been regarded as a veritable 'minefield' for the unwary - a 'minefield' that will be made even worse if the amendments to Division 7A that are proposed in a Bill currently before Parliament are enacted.
Click here to read Pitcher Partners Tax Bulletin on this topic.
New Zealand Government Announces Possible Increase in GST Rate - 23 March 2010
The New Zealand Government has recently announced that it is giving serious consideration to increasing the GST rate to 15% from the current rate of 12.5%. There are a number of issues that will affect most businesses with operations in New Zealand, or that transact with New Zealand customers or suppliers if the GST rate does increase.
Click here to read Pitcher Partners Tax Bulletin on this topic.
Fringe Benefits Tax - Are You Ready? - 11 March 2010
With the end of the fringe benefits tax ('FBT') year fast approaching, it is timely to focus on some of the more common issues and problem areas associated with FBT.
Click here to read Pitcher Partners Tax Bulletin on this topic.
Reminder - R&D Application Due 30 April 2010 - 19 February 2010
Pitcher Partners' clients are reminded that registration applications for the R&D Tax Concession for the year ended 30 June 2009 must be lodged with AusIndustry by 30 April 2010.
Click here to read a list of the information and documentation required for the application with AusIndustry.
New Land Tax Notification Requirements - 9 February 2010
Recent amendments to the Land Tax Act 2005 and the Taxation Administration Act 1997 impose new notification requirements on land owners in Victoria that pay land tax.
The new notification requirements will impact taxpayers in relation to their 2010 land tax assessments.
Where a taxpayer fails to notify the State Revenue Office as required, it now has authority to impose a penalty on the taxpayer.
Click here to view the full Pitcher Partners Tax Bulletin.
Research and Development Tax Concessions Proposed Laws for the New Regime - 15 January 2010
On 18 December 2009 the Government released draft legislation for the new Research and Development (“R&D”) Tax Incentive Program. This draft legislation introduces a new “Tax Offset” regime that is intended to replace the current R&D Tax Concession rules.
Click here to view the full Pitcher Partners Tax Bulletin on the Tax Concessions Proposed Laws.
Private Company with an Unpaid Present Entitlement - 21 December 2009
The ATO has issued a draft Ruling (TR 2009/D8) on the commonly encountered situation within a family group where a private company beneficiary has an unpaid present entitlement (“UPE”) from an associated trust.
The draft Ruling considers whether such a UPE can be taken to be a loan made by the private company to that trust within the meaning of Division 7A - in which case, unless a complying Division 7A loan agreement is put in place, the trust will be deemed to have received a dividend under that Division.
If the draft Ruling is finalised in its current form it will have a significantly adverse impact on the administration of trusts going forward and we intend to make a submission highlighting the many problems that will occur.
Click here to view the full Pitcher Partners Tax Bulletin on the Division 7A draft ruling.
Taxation of Employee Share Schemes - 10 December 2009
Early this month the Parliament passed legislation to reform the taxation of employee share schemes (“ESS”). This will have many implications on both new and existing ESS plans.
Click here to read the Pitcher Partners Tax Bulletin containing further information on this topic.
Non Commercial Losses - Changes to Restrict Loss Deduction for 'High Income' Individuals - 06 November 2009
A Bill has been introduced to tighten the application of the non‐commercial loss (“NCL”) rules to individuals with an adjusted taxable income of $250,000 or more.
The NCL rules are aimed at individuals directly carrying on unprofitable business activities that do not possess a commercial purpose or character. Under the amendments, individuals with an adjusted taxable income of $250,000 or more will not be able to offset losses from such non‐commercial business activities against their salary, wage or other income.
Click here to read the Pitcher Partners Tax Bulletin containing further information on this topic.
Growth Areas Infrastructure Contribution Bulletin - 19 October 2009
The Victorian Government has released the draft legislation for the implementation of the Growth Areas Infrastructure Contribution (“GAIC”). The GAIC legislation will be contained within the Planning and Environment Act 1987.... Click here to read the Pitcher Partners Tax Bulletin containing further information on this topic.
Employment Taxes Update - 16 September 2009
In recent months there has been a noticeable increase in the level of compliance activity being conducted in the area of Employment Taxes, both at the Federal and State levels. There has probably never been a greater risk of a business having one of more of its Employment Taxes subject to close scrutiny ...
Click here to read the Pitcher Partners Tax Bulletin containing further information on this topic.
Trading Stock - Treatment of Discounts, Rebates and Other Trade Incentives Offered By Sellers to Buyers - 14 September 2009
The ATO has released a final tax ruling setting out its views on the income tax consequences for buyers and sellers of trading stock ...
Click here to read the Pitcher Partners Tax Bulletin discussing the implications of this final ruling.
Important Development Regarding the Taxation of Trusts - 21 August 2009
Earlier this year the Full Federal Court handed down what could be a 'landmark' decision regarding the taxation of the beneficaries of trusts. In Bamford's case the ATO had tried to limit the ability of the trustee of the Bamford trust to use the terms of the trust deed to determine how the beneficiaries of the trust were taxed. The full Federal Court rejected the arguments used by the ATO ...
Click here to read the Pitcher Partners Tax Bulletin discussing the implications of this case.
Annual Declarations - Payroll Tax & Workcover - 14 July 2009
At this time of year employers are preparing their annual declarations for PRT and WC. It is critical that employers understand the differences between the definitions of remuneration that exist, both as between PRT and WC, and also between those obligations in each jurisdiction.
Click here to read further about Employment Taxes.
Stamp Duty Amendments Affect Leasing Arrangements - 9 July 2009
The amendments to the Duties Act 2000 (Vic) in relation to leasing arrangements and changes in beneficial ownership have now become law and apply with retrospective effect from 21 November 2008.
Click here to read further about these amendments.
Investment Allowance (aka the Small Business and General Business Tax Break) - Passed By Parliament And Awaiting Royal Assent - 19 May 2009
On Budget night the Government announced that it would expand the Investment Allowance available for small businesses by increasing the deduction available for these businesses from 30% to 50% of the cost of eligable assests.
Click here to read how these changes can be applied in your business.
Superannuation Guarantee Ruling Finalised SGR 2009/2 - 14 May 2009
Further to our Bulletin of 30 Jauary 2009 which opposed the Draft Ruling, the Tax Office issued its Final Ruling on calculating minimum superannuation obligations yesterday. The Final Ruling is SGR 2009/2.
Click here to read how the ruling has changed and what this means for you.
2009/10 Federal Budget - 13 May 2009
Click here to read Pitcher Partners 2009/10 Federal Budget Newsletter.
No Tax Relief for Victorian Businesses in the 2009/10 State Budget - 6 May 2009
The only noteworthy thing about the 2009/10 Victorian Budget from a tax perspective is what it doesn't contain. In particular, there have been no changes to the current rates and thresholds for land tax, payroll tax or stamp duty.
Click here to read on.
Trading Stock - Treatment of Discounts, Rebates and Other Trade Incentives Offered by Sellers to Buyers - 4 May 2009
The ATO has (finally) released a draft tax ruling setting out its views on the income tax consequences for buyers and sellers of trading stock.
Click here to read Pitcher Partners' Tax Bulletin containing further information on this topic.
Investment Allowance (aka the Small Business and General Business Tax Break) - Legislation Has Been Introduced - 23 March 2009
Further to our previous Tax Bulletin on the Investment Allowance, which looked at an Exposure Draft version of the proposed legislation, the Tax Laws Amendment (Small Business and General Business Tax Break) Bill 2009 was introduced into Parliament late last week.
Click here to read on.
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