APRIL 2009

New Investment Allowance – FAQs

The new Investment Allowance that provides for a one-off deduction of 30% on eligible, new assets, is a great opportunity for clients to tax effectively acquire new assets in their businesses. click here for more details

Student’s Uni expenses deductible

In a surprising decision, the Federal Court (Ryan J) has allowed a taxpayer's appeal in relation to expenses incurred in the course of obtaining a teaching degree allowing deductions under Section 8-1 of the 1997 Tax Act as they were incurred in deriving the Youth Allowance under the Social Security Act 1991 (SSA). click here for more details

Superfund audits on the rise – 11,000 audits planned in 2009/10

In a recent speech in Sydney, Neil Oleson, Deputy Commissioner of Taxation, indicated that the Tax Office was targeting SMSFs and their auditors. click here for more details

Timber floor installation benchmarks

We have written in previous issues about benchmarks that the Tax Office has issued in relation to the following industries:

• Concreting;
• Floor sanding and polishing;
• Metal roofing;
• Painting;
• Roof guttering;
• Roof tiling; and
• Taxis.

They have now issued benchmarks for the timber floor installation industry. click here for more details

Liability limited by a scheme approved under Professional Standards Legislation.

If you have any queries regarding the information contained in this
update please do not hesitate to contact us.

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