News & Resources

Winter 2010 Newsletter

Read the Winter 2010 edition of the Summerhill Financial newsletter

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Trusts – ATO Attempting to Reduce Their Effectiveness

Trusts, and more specifically family or discretionary trusts are a key strategy for many Australian taxpayers wanting to legitimately minimize their tax positions, and also to protect their wealth against attack. However, they are under the microscope again of the Tax Office again as they try to reduce their effectiveness.

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New Tax Year – New Tax Rates

With the new tax year commencing on 1 July 2010, new income tax rate scales will apply, slightly reducing the income tax rates for the 2011 tax year.  The scales are outlined below:

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Summer 2009 Newslettter

Read the Summer 2009 edition of the Summerhill Financial newsletter
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Reminder – Deadline on Investment Allowance for Businesses

Just a reminder of the impending deadline for those that are running businesses and want an incentive to go purchase some new depreciable assets for the business (whether that be a new laptop or new vehicle for the business). (more…)

Deductible Education Costs – Youth Allowance

A recent full Federal Court decision has confirmed the opportunity for students to claim their costs of study as a tax deduction, where those students receive the youth allowance.

The case involved a student that was in full time university studies.  The student had a part time job to help support herself through her studies as well as received a youth allowance from the Federal Government. (more…)

Spring 2009 Newsletter

Read the Spring 2009 edition of the Summerhill Newsletter
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Reasonable Travel Allowances – what are they?

For those required to travel for their work and business, they may be paid a travel allowance from their employer to go towards covering their costs whilst travelling away from home.  Generally, allowances received may be considered to be income and required to be declared in the tax return, with then the ability to claim deductions for costs incurred to which the allowance is being paid. (more…)

Investment Allowance – Reminder of 31 December 2009 Deadline

As reported in our last newsletter, the federal government introduced an investment allowance for businesses that purchase new plant and equipment.  The allowance would enable businesses to claim an extra tax deduction equal to 50% of the cost of the new plant and equipment. (more…)

ATO’s Compliance Program for the 2009-2010 Year

The Tax Office has released its annual compliance program for the coming 2010 year.  The purpose of this is for the Tax Office to outline the continuing areas that the ATO will focus on, as well as additional areas of “interest” to the Tax Office that will be given specific attention. (more…)