• Collapsed Managed Investment Schemes and Tax Consequences — The Commissioner has given his preliminary views on the tax consequences for investors with interests in collapsed managed investment schemes. More.

• Advance to Partnership not a Loan — The AAT has affirmed that an advance of money to a partnership was a capital investment and not a loan. More.

• Trading Stock and Trade Incentives — A ruling has been issued clarifying the tax treatment for buyers and sellers of trading stock where a trade incentive is provided to a buyer. More.

• SMSF Non-compliance Notice Upheld — An SMSF has been found not to be a complying superannuation fund because it did not satisfy the definition of an Australian superannuation fund. More.

• Proposed Tax Law Amendments — The Government has introduced a Bill seeking to amend various provisions of the income tax legislation. More.

• Contributions Caps and Reserves — The Commissioner has given his preliminary views on the use of contribution reserves within an SMSF and the excess contributions tax. More.

• Mail-out to Super Fund Members — The Tax Office has commenced sending letters to individuals who are at risk of exceeding the superannuation contributions cap. More.

• GIC and SIC Rates Released — Interest rates have been released for the second quarter of the 2009/10 income year. More.

• Donations to Typhoon in Taiwan — Taxpayers may be able to claim a deduction for any donations made to victims of the typhoon that hit Taiwan in August 2009. More.

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