We are pleased to supply you with the December 2009/January 2010 edition of Client Alert, which contains information on a number of important developments in taxation including:

• Proposed Amendments to Tax Laws — The Government has introduced a Bill proposing amendments to tax laws, including changes to the taxation of employee share schemes and the non-commercial losses rules. More.

• 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.

• GST Consequences and Partner Taking Goods For Private Use — The Tax Office has released a determination in which it states the GST consequences of a partner taking goods held by the partnership for private or domestic use. More.

•  Small Business Benchmarks — The Tax Office has released a range of new benchmarks to assist small business owners in assessing their business performance. More. 

• Superannuation Clearing House — The Government has announced a superannuation clearing house service will be available for small businesses from July 2010. More.

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