As a result of the Minerals Resource Rent Tax being passed by both Houses, the following complementary measures will also come into effect from 1 July 2013:
Mid-year economic and fiscal outlook (MYEFO) 2011/2012
16 Dec 2011
The 2011-12 MYEFO released on 29 November forecasts solid economic growth, low debt and a return to surplus in 2012-13, according to the Federal Treasurer.
Updates on Personal Property Securities Register
16 Dec 2011
As advised in our October newsletter, the new Personal Property Securities (PPS) regime will substantially change the registration of property security interests.
Tasmanian long service leave reforms
16 Dec 2011
Amendments reforming the Long Service Leave (LSL) system in Tasmania will come into effect from 1 July 2012. The reforms, which will bring Tasmania in line with other Australian jurisdictions, will allow private sector workers to access the LSL 5 years earlier than under existing laws, i.e. after 10 years continuous employment, rather than 15.
ATO compliance focus
16 Dec 2011
Employees vs. contractorsAs part of its ongoing compliance program, the ATO will be checking that employees and contractors have been correctly classified as such, from an employer as well as service provider/employee perspective. The ATO is of the view that persons inappropriately classified as contractors may be under-reporting income, but may al...
Christmas parties & gifts
16 Dec 2011
With the festive season well underway we thought it opportune to provide some brief comments regarding the FBT, GST and income tax implications associated with the Christmas functions and gifts that businesses may provide to staff and clients at this time of the year.
Does your self-managed super fund invest in collectables or personal use assets?
1 Oct 2011
New rules in relation to investment by Self-Managed Super Funds ('SMSFs') in collectable and personal use assets have commenced on 1 July 2011! These are the result of the Super System Review in 2010, which recommended a blanket ban on holding collectable and personal use assets by SMSFs. While the government rejected this recommendation, the new r...
Personal Property Securities ('PPS') Reform
1 Oct 2011
New PPS legislation was recently passed which makes substantial changes to the registration of security interests in personal property. These changes are currently expected to commence in February 2012.
Work related expenses on the ATO radar!
1 Oct 2011
The ATO continues to focus on claims for work related expenses and will be especially focusing on workers in the following industries in the coming year:
Tasmanian Budget 2012 update
1 Oct 2011
Land tax 'shack' exemption abolished and Tasmanian trainee and apprentice incentive scheme cessation.
