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NOVEMBER 2008
Medicare Surcharge Thresholds and Luxury Car Tax
Without a majority in the Senate, the Government has struggled to pass legislation as originally announced. In its first Budget, one major commitment of the Rudd Government was to exempt a large number of Australians from the Medicare Levy Surcharge (MLS) by increasing the income thresholds at which the levy applies. click here for more details
Super Fund Assets under Review
In this tough economic climate, Einfeld Symonds Vince expects the Australian Tax Office (ATO) to be extra vigilant with regard to taxpayers using tax or superannuation money to get themselves out of a liquidity problem. This extra vigilance is likely to be in the form of statistical analysis of BAS and tax return information, questionnaires, reviews and audits. click here for more details
Superannuation and Business Real Property
Other superannuation compliance issues that have been flagged as targets by the ATO include the presence of non-allowable assets and breaches of the 5% in-house asset limit. click here for more details
Super Fund In-house Asset Transitional Issues
Still on superannuation funds, the Commissioner has also reminded trustees that they need to prepare for the end of the in-house asset transitional period on 30 June 2009. click here for more details
FBT on GPS Receivers
The Tax Office has confirmed that a GPS navigation receiver provided to an employee can be a 'portable electronic device' and can, therefore, be exempt from FBT as an 'eligible work related item'.
Are You Eligible for Fuel Credit Rebates?
If you use fuel in your business operations, you may be able to benefit from the expanded fuel credit scheme that came in on 1 July 2008. click here for more details
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