• Tax Laws Amendment — Proposed amendments to the tax laws including changes to the late payment offset for superannuation guarantee contributions. More.

• Luxury Car Tax — Amendments to the Luxury Car Tax (LCT) which clarify the requirements for primary producers and tourism operators to qualify for a partial refund for LCT paid. More.

• Investment Allowance — A 10% temporary investment allowance available to businesses that purchase qualifying depreciating assets. More.

• PAYG Instalment Reducation — A 20% reduction for the December 2008 quarter PAYG instalment for small business entities. More.

• Managed Investment Schemes and Deductions — A test case decision by the Full Federal Court regarding the deductibility of expenses incurred on managed investment schemes. More.

• One-off Sale of Land and GST — The AAT has held that a one-off sale of land was a taxable supply even though the sale was distinguishable from the vendor’s core business. More.

• FBT and Exempt Benefits — The Tax Office’s view of whether upgrades to portable electronic devices will be exempted from FBT. More.

• Deductibility of Compound Interest — The Tax Office’s view on the deductibility of compound interest incurred by taxpayers. More.

• Loans to Settle Trust — The Tax Office’s preliminary view on the deductibility of interest incurred on a loan which was used to settle a trust. More.

• Trust Cloning Exception — The Tax Office’s administrative treatment following the Government’s announcement to abolish the exception. More.

• Racehorses and Data Matching — A data-matching program relating to the sale and ownership of thoroughbred racehorses. More.

• Goods Taken for Private Use — Reasonable amounts the Tax Office will accept as the value of goods taken from trading stock for private use for the 2008/09 income year. More.

• GIC and SIC Rates Released — Interest rates for the third quarter of the 2008/09 income year. More.

Please contact us if you wish to discuss how the points raised in Client Alert specifically affect you.