Webb Martin Consulting - Expert Tax Advice

Click here to access Tax Data 2012, an online resource we put together as a quick reference tool for our clients, featuring up to date tax information.

This edition of ‘The Assessment’ is a short one simply reminding readers of the ATO’s administrative option for relevant taxpayers to self-correct accounts (in the trust and/or the private company) where Unpaid Present Entitlements (UPEs) have been incorrectly classified as loans. We have included below the relevant extract from the ATO’s Practice Statement PS LA [...]

For a number of years now there have been quiet murmurings within the ATO as to exploitation – perceived in the ATO’s eyes – of the living away from home allowance provisions. The payment of a living‑away‑from‑home allowance (LAFHA) is treated as a fringe benefit under the current tax system. A LAFHA does not form [...]

We have had  a number of queries in response to our previous  ‘Assessment’ in relation to the Annual Trustee Payment report requirements and in particular the interaction with Label ‘S‘ in the beneficiary Statement of Distribution section of the 2011 trust income tax return. The legislative provisions require trustees to report annually, in the ‘approved [...]

The obligations under the TFN reporting and withholding rules are extensive, and trustees and their advisers need to be aware of the issues. We discuss key issues raised by the rules below. The decision by the ATO to extend the deadline for lodging the June 2011 TFN report until the lodgment day of the 2011 [...]