• In business it is sometimes difficult to find the time to keep abreast of the multitude of changes. CIB can provide some assistance with regular newsletters that summarise relevant and important updates and changes.
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  • PAYROLL TAX & DISCRETIONARY TRUSTS

    Particular attention needs to be paid to payroll tax thresholds when a business is conducted and employees paid through a discretionary trust. When each family member has a business and they are al..
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  • ATO 2010-11 COMPLIANCE PROGRAM

    The ATO has released the 2010-11 compliance program and below is a list of key priorities and activities that the ATO will focus its audit activity towards. Profit shifting between related entitie..
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  • MANAGING SICK LEAVE

    Sick leave or absenteeism in Australia costs $30 billion and it was on the rise in 2010 with an average 9.87 days per employee per annum. Some key causes of sick days when not legitimately sick includ..
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  • BORROWING IN A SUPERANNUATION FUND

    In July 2010, new legislation was passed in respect of borrowings within superannuation funds. There are a number of issues arising from this legislation as follows: Borrowings must be applied for..
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  • INTEREST-FREE ATO PAYMENT ARRANGEMENTS

    The ATO has extended the availability of interest free payment arrangements for an activity statement debt. In order to be eligible, the following conditions must be met: Annual turnover of less t..
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  • LOST SUPERANNUATION

    From October 2010, super funds which have lost member account balances of less than $200 will transfer the funds to the Australian Taxation Office, rather than holding the funds indefinitely. The ATO ..
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  • NSW LAND TAX

    A reminder that 2011 NS W land tax assessments are made at midnight on 31 December 2010. If you or your associated entities have purchased or sold a property in NS W during the year, you may be requir..
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  • MYSUPER

    As part of the government’s response to the Cooper Review of Australia’s superannuation system, it has proposed the introduction of MySuper which will replace the current ‘default’ superannuat..
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