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55 Market Street Sydney 2000
T: +61 2 9283 1666 | F: +61 2 9283 1866
OCTOBER 2009
Excess contributions to super funds
Changes to the amounts that can be contributed to superannuation funds came into effect on 1 July 2009. Any contribution amount that exceeds a cap amount is subject to extra tax. The cap amount and how much extra tax a taxpayer is required to pay once they exceed the cap depend on whether the contributions are concessional or non-concessional. click here for more details
Shareholder loans clarification
In the last Federal Budget, the Government announced that it would expand the scope of the shareholder loan provisions. Those provisions can deem loans, payments and forgiveness arrangements between private companies and their shareholders (and associates of shareholders) to be dividends. click here for more details
ATO targets trusts
The financial press, particularly the Australian Financial Review, have recently run a number of stories along the lines of the ATO targeting the wealthy and conducting a trust blitz. click here for more details
Checking ATO calculations
When a client of ESV recently received a refund cheque for $30,000 less than the amount that we had estimated, Greg Wilkins, a senior manager at ESV decided to get on the phone and find out how the ATO had come up with an answer so widely different to our calculation.
click here for more details
Employees v independent contractors
We have looked at the distinction between employees and independent contractors for our clients over the years. A mistake in the way you classify someone working for you can have income tax, superannuation and workers compensation implications. click here for more details
Trade incentives and trading stock
The Commissioner has now finalised the Ruling on the application of the trading stock provisions to trade incentives. The Ruling is directed at both buyers and sellers and is important for taxpayers who calculate their own PAYG instalment payments based on an instalment rate. It also has implications for the valuation of trading stock for tax purposes. click here for more details
Draft legislation to abolish the
CGT 'Trust Cloning' exception
The Assistant Treasurer has released draft legislation leading to the abolition of what is known as the capital gains tax (CGT) "trust cloning exception". click here for more details
Tax Office warns about identity theft
The Commissioner of Taxation has advised that identity theft is a particular problem that can take years to put right.
For this reason, tax file numbers (or TFNs) must be kept safe. click here for more details
Support the ESV Team in the Sydney to Gong Challenge
On the 1st of November this year, a few very special ESV-ians’ will be going on a challenge & facing them, a 90km pedal from Sydney to Wollongong!!!!!
Riding for the MS Society, each rider in the Sydney to the Gong Bike Ride is dedicated and committed to fundraising a minimum of $200, which is easy to reach with your help and support.
All fundraising efforts in the MS Sydney to the Gong Bike Ride are vital to MS Australia and the people/families living with MS. It enables MS Australia to continue their research into the nature, causes, treatment, diagnosis and management of the disease, and to apply results of worldwide research towards programs of treatment, prevention and cure.
The target for MS is $2.5 million this year with last year almost $2.1 million being directly fundraised by riders on the Gong Ride.
The ESV Team consists of 5 budding cyclists:
Timothy Valtwies
If you would like to support the team, please click on the above hyperlinked names.
Otherwise, donate directly to the ESV Team at http://register.gongride.org.au/?Team+ESV .
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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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