TAX NEWS | VIEWS | CLUESWelcome to the Spry Roughley Report There have been a number of important taxation developments which we thought may be of interest and benefit to you. Below are summarised extracts from the report for your convenience with a link to the full explanatory memorandum should you want more detailed information. This month is a bit technical but interesting none-the-less.
As usual please don't hesitate to call us if you wish to discuss how any of the points raised in the report specifically affect you or click here to send us an email. Kind Regards, Martin Martin Roughley, Director
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The Government has introduced a Bill seeking to amend the tax laws, including optional CGT rollover relief for the transfer of assets between ‘fixed’ trusts.
The Government has also introduced a Bill proposing improvements to GST administration, including a four-year limitation period to claim input tax credits and recovery of overpaid GST refunds.
The Federal Court has held that vacant land does not satisfy the definition of residential premises and, therefore, constitutes a taxable supply.
The Federal Court has also affirmed a trust was entitled to offset its original gapital gains with carried forward capital losses even though the membership of the trust has changed.
The Government has announced a transitional arrangement will be introduced to allow superannuation funds to deduct total and permanent disability (TPD) insurance premiums.
The Commissioner has released his preliminary views on the implications of SMSF's purchasing trauma insurance policies for it's members.
The Tax Office has released the interest rates for the third quarter of the 2009/10 income year.
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