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Issue 173, 9 May 2008

Tax & Accounting Insight is the easy way to keep up with the latest developments in your industry. Watch your inbox for your fortnightly issue of this free, informative service from Thomson.

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Fast and comprehensive 2008 Federal Budget night reports from Thomson Reuters

The 2008/09 Federal Budget now looms large on the horizon and will be handed down next Tuesday, 13 May 2008. Thomson Reuters will, as usual, have its expert team of tax writers at Parliament House in Canberra to prepare the clearest and most comprehensive coverage of all the taxation, superannuation and related matters announced in the Budget.

Tax changes are certain, so it's important to get all the Federal Budget's tax news on the night - from Thomson Reuters.

As a special Budget night service, Thomson Reuters offers FREE ACCESS to the 2008 Federal Budget Editions of our daily Latest Tax News (LTN) and the comprehensive Weekly Tax Bulletin (WTB) reports. Existing customers to those services will, of course, receive them as soon as they are available.

Latest Tax News will provide fast coverage of the Budget's tax and related announcements on Budget night - as soon as possible after 7:30pm on Tuesday, 13 May 2008. You'll also be sent our special 2008 Federal Budget issue of the more detailed Weekly Tax Bulletin - 'If it moves in tax, it's in WTB'.

Simply register now on our website to receive your complimentary copies of our 2008 Federal Budget reports.

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Vanuatu-based tax schemes - Taxpayer Alert release

The Tax Office has released Taxpayer Alert TA 2008/8 - Australian resident entities creating false deductions and/or concealing income through arrangements with promoters based in Vanuatu. The alert describes arrangements through which Australian resident entities, with the help of a promoter in Vanuatu, seek deductions for artificially created expenses and/or establish structures that enable the concealment of income to attempt to avoid or evade Australian tax. The alert adds that the Tax Office is investigating arrangements covered by the alert as part of Project Wickenby and refers to the Tax Office publication Tax Havens and Tax Administration (NAT 10567).

This article appeared in Thomson's daily Latest Tax News (Wednesday 7th May). With tax fast-moving and ever changing - EVERY DAY, practitioners rely on Thomson's daily Latest Tax News for quick, accurate, comprehensive information - no compromises. When you need to know what's new in tax and related news every day, there's only one place to look - LTN.

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Division 7A amnesty reminder

The Tax Office has released information explaining recent amendments to Division 7A that have been introduced to assist taxpayers to comply with their obligations.

The information also explains the Commissioner's new discretions under the law and the one-off opportunity available to business owners up until 30 June 2008 to self-correct past mistakes regarding payments and loans from their private companies, and to avoid penalties under Division 7A, without applying for the Commissioner's discretion. Certain conditions must be met.

The offer applies to honest mistakes and inadvertent omissions made in respect of the 2001/02 to 2006/07 income years.

This article appeared in Thomson's InTax magazine (May 2008); Australia's best independent monthly tax magazine. It provides concise reports of the latest tax news, plus the practical implications of tax developments in an easy-to-read magazine format. To find out more, phone Thomson Customer Service on 1300 304 197 or for information or to subscribe to Thomson's Division 7A Loan Calculator, click here.

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Thomson Tools

Last Chance to see us at CeBIT

Thomson is offering you the opportunity to attend the 2008 CeBIT Australia exhibition on the 20-22 May at Darling Harbour Exhibition Centre absolutely free of charge! Thomson will be an exhibitor at the event to showcase our new range of software and services solutions to corporate and accounting tax professionals. With a complementary suite of products including PowerTax, Allume and GoFileRoom, we aim to revolutionise the way in which you do business by raising your productivity levels and increasing your firm's profitability.

Time is running out to register for this event, so don't miss out! Register for your complimentary ticket to CeBIT by clicking here.

Tax & Accounting Forthcoming Releases

Australian Tax Handbook - Tax Return Edition

Specifically designed for the mid-year tax return peak period, the Australian Tax Handbook - Tax Return Edition covers a wide spectrum of income tax law and related taxes and includes all key tax developments to the end of the 2007/08 financial year. Click here to read more.

Thomson Tax Examples

Updated to 1 July 2008, Thomson Tax Examples provides over 200 thoroughly worked examples, tailor-made for use with the Australian Tax Handbook. Click here to read more.

Income Tax & GST Strategies Manual

Acting as a bridge between the theory and the practice of the two most substantial areas of tax, the Income Tax & GST Strategies Manual puts expert guidance at your fingertips. Click here to read more.

Tax Rates & Tables

Tax Rates & Tables 2008 is a single-volume reference guide that combines comprehensive coverage of Australian tax rates with a wealth of practical information and finding tools. Tax Rates & Tables focuses on both tax returns and tax planning, and includes rates for both the 2007/08 and 2008/09 financial years, where available. Click here to read more.

2008 XYZ Model Financial Accounts & Generator

Used by thousands of Australian professionals for over 20 years, this valuable resource gives you summaries of current changes in financial reporting requirements and model sets of accounts for all major entities, including large and small proprietary companies.

Accommodating both reporting and non-reporting entities, this is the tool you need for easier accounts preparation. Click here to read more.

Tax & Accounting Online

Thomson Tax & Accounting Online is a research system that brings together a wide range of information and tools on one of the most advanced platforms available. As an online information solution it provides accounting professionals with high quality tax, accounting and payroll content from industry-recognised specialists.

Not only does it keep you up-to-date more easily, it's flexible, allowing you to build your own solution by picking content from over 100 services to meet your specific requirements.

The easy-to-use website features search and navigation tools which allow you to find the information you're looking for with speed and precision, allowing you to achieve your goals faster and gain a competitive advantage.

There are many reasons to switch to Thomson Tax & Accounting Online some of which include:

  • a state-of-the-art interface;

  • it gets you to the point quickly and easily;

  • it's simply one of the easiest platforms to use and navigate;

  • the breadth of tools and information, including direct access to Tax Office material;

  • expert guidance is at the heart of tax and accounting online; and

  • complete flexibility of choice of content.

Click here to find out more about Thomson's Tax & Accounting Online solution, or click here to sign up for a FREE 14-day trial!

Financial Reporting Period is looming - don't brave it alone

With this year's reporting season on the horizon, it is vital that you can confidently meet your reporting deadlines and AIFRS compliance needs, but there is no need to brave it alone.

Let us help you lead the way with Thomson's Financial Reporting Suite giving you the tools you need to deliver better results in less time. Be confident you understand how IFRS affects entities.

Brought to you by industry specialists, Thomson's Financial Reporting Suite will guide you every step of the way and help you to save time on research and accounts preparation; implement a standardised approach that your staff can use; and be confident you understand how IFRS effects entities.

Included in the Financial Reporting Suite of products are:

XYZ Model Financial Accounts

XYZ Model Financial Accounts Generator

XYZ Audit Manual

Guide to Financial Risk Manangement

Tax Effect Accounting Toolkit

Division 7a Loan Calculator

Financial Analysis & Cashflow

Asset Impairment Toolkit

SAVE when you buy both 2008 XYZ Model Financial Accounts and XYZ Model Financial Accounts Generator. Click here for more information.

Financial Accounts Presentation Workshops

Now is the time to register yourself for Thomson's Financial Accounts Presentation Workshop, bringing you up to date with changes that will impact accounts this reporting season such as:

  • rising interest rates and tighter credit markets;

  • sharply fluctuating market prices; and

  • greater volatility in profit and cash flow forecasts.

The workshop also addresses AASB 7 disclosures, now mandatory for June 2008 accounts, presenting a major challenge for many entities.

  • Melbourne: 7-8 May 2008 and 12-13 June 2008

  • Sydney: 14-15 May 2008 and 2-3 July 2008

  • Brisbane: 21-22 May 2008

  • Adelaide: 29-30 May 2008

  • Perth: 4-5 June 2008

  • Canberra: 18-19 June 2008

  • Gold Coast: 26-27 June 2008

Earn up to 12.5 CPE/CPD hours! Plus, receive a free copy of Thomson's 2008 XYZ Model Financial Accounts Manual

A bonus XYZ Model Financial Accounts CD will be provided at your seminar or if is it not available, it will be posted out to you when available. (No credit will be provided to existing subscribers of XYZ Model Financial Accounts). You must attend both day 1 & 2 of the workshops to be eligible. Special offer entitles you to one update/issue of the bonus publication only.

For more information about the Financial Accounts Presentation Workshops, click here.

½ Day Auditors Briefing Workshops

Are your audits at higher risk in 2008?

Are you exposed to:

  • the changing and more complex economic conditions,

  • regulators actively seeking to change audit behaviour,

  • reporting rules like AASB 7 that dig deeper , or

  • auditees lacking strong reporting systems or familiarity with those reporting rules?

The second year of 'force of law' audit standards is a time to review progress as well as keep up-to-date with the continuing changes. This hands-on workshop will address rule changes and discuss the issues auditors will face in 2008, when managing audit firm's compliance with quality assurance standards.

  • Brisbane: 23 May 2008

  • Sydney: 16 May 2008

  • Melbourne: 9 May 2008

  • Perth: 6 June 2008

  • Canberra: 20 June 2008

Earn 2.75 CPE/CPD hours! Plus receive sample documents of client communications and illustrations of file notes.

For more information about the ½ Day Auditors Briefing Workshops, click here.

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