Hi [fname]. This month’s Baker Affleck newsletter features three very important themes:
All three subjects are very topical at a time when you should have lodged your tax returns and be aware of your tax position for the 2008/2009 financial year but also be thinking about how to best prepare for the current financial year. Australia's Future Tax System Review Panel has delivered its final report to the Government, although we await news on how this report will affect our financial future. With the Federal Budget looming (Budget Night is Tuesday, 11 May), we are expecting an unveiling of changes to superannuation, income tax and Unpaid Present Entitlements (UPEs). We will keep you informed. In the meantime enjoy the April edition of the Baker Affleck newsletter. What is Tax Planning?
Your tax affairs do not have to be complex in order to benefit from tax planning. Even the most ordinary transactions may give rise to adverse tax consequences. Click here to view full article Planning to make your business more efficient - a tax planning case study
If you can estimate your bottom line profit for year end, concerted efforts can be made to generate a desired result, which will in turn reduce the tax liability at year end. Click here to view full article Unpaid Present Entitlements
The ATO now consider that, in some circumstances, a UPE to a private company can be converted to a loan from the private company to the trust. Click here to view full article The Henry Report
The Government has said it will consider the Review and release it in early 2010, along with an initial response. At this point in April 2010, there is yet to be any official announcement regarding how the Review will affect our financial future. Click here to view full article Economic Update From Macquarie Private Wealth - 1 April 2010 |
Newsletter No. 8 Congratulations Baker Affleck Financial Solutions
Baker Affleck Financial Solutions has been awarded the outstanding achievement award in recognition of their first year’s performance from national financial planning network, Count Wealth Accountants. Baker Affleck Financial Services were recognised for their achievement over 2008/2009 at the group’s national annual conference in Canberra last month. Click here to view full article
Key dates for Tax Planning Wednesday, 21 April Quarterly PAYG instalment activity statement, quarter 3, 2009–10 for head companies of consolidated groups – due date for lodging and paying. March 2010 monthly activity statement, due date for lodging and paying. Wednesday, 28 April Quarterly instalment notice (form R, S or T), quarter 3, 2009–10 due date for payment – you only need to lodge if you are varying the instalment amount. Friday, 30 April Lost members report for the period 1 July to 31 December 2009.
Information sessions held by Baker Affleck Thursday, 18 May 2010 Tax Planning Boardroom Session 12.00pm for 12.15pm start - Lunch provided Thursday, 20 May Tax Planning Boardroom Session 5.00pm for 5.30pm start - Drinks and canapés
Baker Affleck's Tax Specialist - Juris Stega
Baker Affleck Level 1 Solac House, 76 Appel St PO Box 634 Surfers Paradise QLD 4217 Phone: 07 5538 3088 Fax: 07 5539 0805 Email: admin@bakeraffleck.com Web: www.bakeraffleck.com |
Put simply, tax planning is organising your affairs to reduce your liability to income tax and other taxes and charges. 
Now is a great time to consider how your business is going and what different procedures or policies could be taken to make your business more efficient, productive and profitable.
On 16 December 2009, the Australian Taxation Office (ATO) issued Draft Taxation Ruling TR 2009/D8 outlining its interpretation of the tax treatment of an Unpaid Present Entitlement (UPE) created in a private company beneficiary.
In December 2009, Australia's Future Tax System Review Panel delivered its final report to the Government. This report is more commonly known as the Henry Review after the Secretary to the Treasury Dr Ken Henry who chairs the Review Panel.
