Tax Advantage July 2008

Tax Targets!

Its July again, Happy New Year! Some changes came into effect on 1 July you should think about, and this year’s targets have been released by the ATO. First, some of the targets:

1.         Investors

Focus will be on the stock market & capital gains,

2.          Rental Properties

Unusually low rent, or unusually high deductions, interest or borrowing expenses,

3.          Dividends & Interest

Data matching is the main weapon,

4.          Superannuation

The new super caps, & anyone who sold assets to invest in super will be a CGT focus,

5.          Small Business

The ATO is expanding its coverage this year. Particular issues mentioned are sale of assets and investments and employer obligations (including superannuation).




New (Tax) Year Resolutions!

Second, here are some of the changes that will be law from 1 July. As always its really important to get your business structure right. Take the opportunity to review your tax planning.

6.          FBT exemption on laptops now limited

Laptops & mobile phones must be primarily for work purposes, get a declaration to be safe. Depreciation claims by employees on the work percentage now blocked

7.          FBT extended to jointly held assets

FBT cannot be reduced under the otherwise deductible rule.

Change to access to small business CGT concessions.

Not enacted yet,   but review your structure regularly. Don’t risk going over the cap.

8.          Inhouse software depreciation changes

e-off variations to the test individual now blocked.

Family trusts

One-off variations to the test individual now blocked.



The material herein is of the nature of general advice only, and neither purports, nor is intended to be advice on any particular matter  that is tailored to your specific circumstances. Neither this firm nor any member or employee of the firm undertakes responsibility in any way whatsoever in respect of reliance solely upon this material, including any errors or omissions howsoever caused.



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