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JANUARY/FEBRUARY 2009
Reduction of the December Quarter PAYG Instalment
The Rudd Government has cut, by 20%, the December 2008 quarter's PAYG instalment payable by small business entities who pay using the instalment amount method.
How will it apply?
The 20% reduction applies to the instalment amount shown on the BAS dispatched by the ATO in December 2008 for the quarter ending on 31 December 2008. It is intended to assist businesses experiencing liquidity problems after a difficult Christmas trading period. click here for more details
In December, the Government announced, with the blessing of the Opposition, that it will introduce a 10% temporary investment allowance to encourage capital investment by Australian businesses.
Under that announcement, the allowance was be in the form of an additional tax deduction equal to 10% of the cost of an eligible asset. click here for more details
Time to review Superannuation fund investment strategies
The ATO has recently sent a reminder to trustees of Small and Medium Superannuation Funds (SMSFs) that they should regularly review their fund’s investment strategy, and ensure that their investment choices comply with it.
Trustees need to prepare and implement an investment strategy for their fund, and the investment strategy should be tailored to the requirements of that SMSF and its members. click here for more details
SMSFs paying death benefits
One exception to this rule is where members direct the fund’s trustee to pay death benefits to specific people. This is called a binding death benefit nomination. click here for more details
The Tax Office has confirmed that, where an employee is reimbursed by their employer for the purchase of a laptop computer, the cost of including additional memory in the computer (and similar upgrades) at the time of purchase will form part of the cost of the laptop for fringe benefits tax (FBT) purposes. click here for more details
Assets in family trust not safe from ex-spouse
The High Court has held that the assets of a family trust were "property" of the parties to the marriage for the purposes of the Family Law Act 1975, and should therefore be taken into account in dividing the assets between the husband and wife. click here for more details
Did you know that ESV has upgraded its website?
When you visit www.einfelds.com.au you will discover a new look and feel to our website that makes it easier to navigate and provides a greater number of single-click solutions from the home page.
Client facilities can be accessed through log-in direct from the home page, and include a range of other services such as:
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Calculators such as loan calculators, mortgage repayment calculators and exchange rate calculators http://www.einfelds.com.au/resources/calculators
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Secure Account Payments of ESV Invoices https://www.einfelds.com.au/Account_Payments
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Resources such as Internet Links, Key Dates, Tax Facts http://www.einfelds.com.au/resources/internet_links
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Requesting an Appointment http://www.einfelds.com.au/resources/request_appointment.html
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We are also working on a Secure Login Area for our clients. To register your interest, click on http://www.einfelds.com.au/register.html and fill out the form.
Liability limited by a scheme approved under Professional Standards Legislation.
The information in this newsletter is quite general in nature and anyone intending to apply it practically to their own circumstances should seek professional advice to verify it’s individual applicability.If you have any queries regarding the information contained in this
update please do not hesitate to contact us.
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