September 2014 Tax Talk – Business Accountants Cairns

By 1 September, 2014News

In this issue of Tax Talk, we cover:

ATO Offshore Declaration initiative ends on December 19th. The initiative was a one-off, with certain conditions meaning those who don’t lodge interest in time may be unable to participate.

ATO Incentives For Small Business have been announced, with impacts on the amount of red tape businesses have to go through, new methods of managing small business debt, and more.

A Warning For Property Developers has been issued, asking them to declare income on what is reported as a capital gain. Certain pointers exist that will hint the ATO towards a potential audit.

Ignorance Of Taxation Law is no excuse, details follow on a perfect example case.

Succession Planning in relation to SMSF’s is vital according to an ATO Deputy Commissioner. An example question that needs to be asked is who will be passed control of an SMSF in the event of a death or incapacity of trustees.

Trauma Insurance is not consistent with several conditions of release, restricted to critical illnesses or injuries as outlined by the policy.

Read The Full September 2014 Tax Talk Here