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Tax Updates

C&N Budget Summary Update

Compared with previous years, the 2011 Federal Budget was relatively mild; with few surprises or major changes.

The Gillard Government, handing down its first Budget, confirmed a range of previously announced tax, super and social security policy changes.

And while the Budget has been received as relatively restrained, some new measures were outlined which may impact how you manage your finances today as well as plan for your retirement. Click here to read more.

Land tax Reminder

This is an important notice to remind you of possible land tax obligations which you or your related entities may have. Land Tax is a State based Tax consequently if you have properties in various States you will need to meet each states individual land tax regulations. So even if you have properties held by the same entity but in different States this entity will be required to lodge Land Tax Returns for each respective State. Each State has a different land threshold value before land tax is payable. Each State also has different rules regarding the land tax treatment for Trusts. Land tax is an ongoing obligation and so it is an important tax which may require clarification. click here for more information.

Bamford Case

The significance of the High Court’s reasoning in Bamford is that it confirms that it is possible to define and modify “trust income” through the drafting of one’s trust deed. The advantage of being able to define and modify trust income is that it can create circumstances which remove adverse tax consequences or even allow more beneficial tax outcomes to be achieved.click here to read more.

 

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