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AUGUST/SEPTEMBER 2010
Warning for Directors on Tax Payment Arrangements
It is now easier for the ATO to hold a director personally liable for any unremitted tax withheld from company employees’ wages. click here for more details.
Extension of Small Business Assistance Package
The Tax Office will extend the Small Business Assistance Package, which was originally intended to expire on 30 June 2010, until 30 June 2011. click here for more details.
Paid parental leave Bills become law
A Legislation for the Paid Parental Leave scheme has been passed by Parliament. click here for more details.
NSW Payroll rate changes
As from 1 July 2010, the NSW payroll tax rate has dropped to 5.5% and the annual threshold is $658,000. click here for more details.
Overtime meal allowance amount
The reasonable amount for overtime meal allowance expenses for 2010/11, where an allowance is paid under an award, order, determination, industrial agreement or a Commonwealth, State or Territory law, is $25.80 per meal. click here for more details.
First home saver accounts – rates and thresholds
Various aspects of the first home saver accounts have been changed as a result of indexation. click here for more details. SUPERANNUATION NEWS The ATO has advised that they have begun paying delayed super co-contribution entitlements, with interest where applicable. click here for more details.
Super co-contributions update
New Borrowing Law Passed
New superannuation fund borrowing rules commenced on 6 July 2010. click here for more details.
SMSFs and Art Investments
The Federal Government has announced that, if re-elected, they will continue to allow SMSFs to continue investing in collectables, including artwork, provided trustees comply with new guidelines. click here for more details.
ACCOUNTING AND CORPORATIONS LAW NEWS
Class Order Relief on Recent Changes to the Corporations Act
In our July 2010 newsletter, we highlighted several amendments to the Corporations Act that could have an impact on your financial reporting for the 30 June 2010 financial year. click here for more details.
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.
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