Updates

The Personal Properties Securities Act 2009 (Cwlth) came into effect on 30 January, 2012. The PPSA deals with the registration of security interests in personal property, other than land, and has changed the way a supplier can lay claim to assets it

A Christmas party provided to your employees can be a minor benefit and therefore exempt from fringe benefit tax. This is only if certain conditions are met, such as the cost of the party being under $300 per employee. If

The ATO is going to use data from the State and Territory registering bodies (e.g. Vic Roads, RTA (NSW), etc.) on all motor vehicles sold, transferred or newly registered in the 2010-11 financial year with a market value of $10,000

From 1 July 2012, any businesses involved in the building and construction industry, including sole traders, will need to lodge an annual report detailing amounts paid to contractors and sub-contractors, including each contractor’s ABN. Any payment that includes a service

The 2011-2012 Budget disallows deductions against government assistance payments where the taxpayer has no other assessable income. This is in response to the Full Federal Court decision in FCT v Anstis [2010] HCA 40, in which the taxpayer, a full–time

Since late 2011, as a result of ATO’s loss in the court case called Multiflex Pty Ltd, the Federal Government has backed tax legislation which would allow the ATO to keep GST refunds for a period of 90 days (and

The rules governing whether and when small businesses (registered for GST) can currently claim GST credits on the financing of assets for business purposes depends on the type of finance arrangement used to acquire the assets. A Chattel Mortgage is

For private health insurance premiums paid on and after 1 July 2012, the private health insurance rebate available to taxpayers will be means tested as per the table below. To gain an additional year at the current rebate level, consider

Your superannuation benefit is not an estate asset. Therefore, if you wish to control how your superannuation benefits are controlled, you should consider a death benefit nomination. This type of nomination instructs the trustee of the superannuation fund as to

The Government’s latest budget includes several changes that will affect small businesses. 1. Proposed 50% discount on interest income abandoned The 2010-2011 Federal Budget proposed a 50 per cent discount for individuals for interest income up to $1,000. In the