Issue 181 - 29 August 2008

	Issue 181, 29 August 2008 Welcome to the latest issue of Thomson's Tax & Accounting Insight, your free news service for tax and accounting professionals. 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.		Articles in this edition include: Tax Office Industry Benchmarks Tax Design Review recommendations underway SMSF and Financial Assistance Thomson Tools Editorial Enquiries: Tel: 1300 304 197 LRA.Service@thomson.com Copyright: Thomson Legal & Regulatory Limited ABN 64 058 914 668 100 Harris Street Pyrmont NSW 2009 All rights reserved. To subscribe, please click here. To unsubscribe, please reply to this email with Unsubscribe in the heading. Disclaimer: The information contained in this bulletin neither represents nor is intended to be legal or professional advice. While every care has been taken in its preparation, no person should act specifically on the basis of the material contained herein. If expert assistance is required, competent professional advice should be obtained. Privacy Policy
	Tax Office Industry Benchmarks Over the last couple of months, the Tax Office has been working with a number of trade associations to develop industry benchmarks to help tradespeople comply with their tax obligations. These benchmarks are intended to help businesses compare their performance with the rest of their industry and check that their tax records accurately reflect their business practices. At the time of writing, benchmarks have been released for the floor sanding, roofing and painting industries. A full description of the industry benchmarks can be found at: <www.ato.gov.au/businesses/content.asp?doc=/content/00117591.htm>. This summary article appears in the September 2008 Recent Developments of Thomson's The Accountant's Manual. For over 27 years, thousands of practitioners have turned to the The Accountant's Manual for over 2,700 pages of non-legalistic assistance covering tax and accounting issues. Complete with email alert service, subscriber helpline, subscriber webpage, tax rates and tables, handy tax tools plus much more, this valuable and regularly updated resource keeps you aware of important developments and obligations. To find out more, click here. Return to TOP
	Tax Design Review Recommendations Underway The Assistant Treasurer announced that he has asked the Treasury to commence implementation of the recommendations made in the Tax Design Review Panel's report Better Tax Design and Implementation: see 164 LTN [1]. In an address to the Victorian Tax Bar on 22 August 2008, the Assistant Treasurer said that, from now on, the Government will seek to consult on tax changes at both the policy design and legislative development stages. The Assistant Treasurer also spoke on the following themes arising from the review: transparency, introduction times, post-implementation reviews, and the Commissioner's ability to modify the law. Mr Bowen said the Review Panel recommends that a mechanism be established to drive implementation of the new process. He said the Government will task the Treasury with ensuring that the report's recommendations are implemented with the close involvement of the Chair of the Panel, Mr Neil Wilson This article appeared in Thomson's daily Latest Tax News (Monday 25th August). 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. To find out more, call Thomson Customer Support on: 1300 304 197. Return to TOP
	SMSF and Financial Assistance The Tax Office has released an SMSF Ruling (SMSFR 2008/1) in which it explains the prohibition on trustees of SMSFs giving financial assistance to a member of a fund (or a relative of the member) using the resources of the fund. The Ruling reinforces that providing financial assistance to a member (or a relative of the member) will contravene the superannuation legislation, regardless of whether such assistance was requested by the member or given through a third party. According to the Ruling, financial assistance includes any arrangement or transaction whereby the assets of the SMSF are converted into other assets, diverted, diminished or put at risk, or there is prejudice to the financial position of the SMSF. This article appeared in Thomson's Client Alert Newsletter Service. Client Alert is a monthly newsletter that promotes your business and develops your client's awareness of upcoming tax issues. To find out more, phone Thomson Customer Service on 1300 304 197 or click here. Return to TOP
	Thomson Tools New Releases Australian GST Handbook 2008-09 - published August 2008 Financial Templates Toolkit - Online update August 2008, CD update September 2008 ASIC Financial Services Policy Handbook - published September 2008 The Accountant's Manual (100th Edition) - published September 2008 Forward Focus - Secrets to staying on top of Super At a time of unparalleled superannuation changes, the September issue of Forward Focus brings you the latest Thomson Reuters resources to keep abreast of key super developments, capitalise on the superannuation reforms and confidently meet your compliance obligations. Some of the featured products include: Thomson Reuters SMSF Solution - Compliance Superannuation & Financial Services Bulletin DIY Super Toolkit SAVE 15% with new Superannuation or Financial Services value bundles. For more details or to place an order, please click here. Top Eight Bestsellers of 2008 Get in quick and save 20% on Thomson Reuters' best selling tax & accounting resources. Stocks are limited. Relevant, easy to use and written by experienced practitioners, these best selling tax resources will assist in managing your workload more efficiently, enhance your understanding of complex concepts and stay at the forefront of change. XYZ Model Financial Accounts 2008 version Tax Examples Australian Tax Handbook - Tax Return Edition Income Tax & GST Strategies Manual XYZ Model Financial Accounts Workbook Tax Rates & Tables XYZ Audit Model Social Security & Financial Planning 2008 Hurry, offer ends 30 September 2008. Click here to find out more or order online. Carbon Extra - independent news on climate change and carbon risk The up-coming Australian Emissions Trading Scheme will affect every Australian company - are you ready for it? Act now or risk the loss of your competitive position! The competitor landscape will be transformed forever with the Australian Government intending to introduce the national Carbon Pollution Reduction Scheme in 2010, presenting significant risks and opportunities for businesses. Carbon Extra will allow you to get the information you need to act on emissions trading and provide you with independent, intelligent news and analysis on climate change and carbon risk on a weekly basis. FREE three-week trial: Simply click here to receive Carbon Extra free for 3 weeks. Special Offer: SAVE 70% if you purchase Carbon Extra together with Environmental Manager. Click here to find out more about this special package offer. Practical Payroll Workshops - Be quick to register The Practical Payroll Workshops are approaching soon so don't miss your chance to attend and earn 6.25 CPD/CPE points. Brisbane: 4 September Sydney: 18 September Melbourne: 16 October SPECIAL OFFER: SAVE $100 if you attend both the Practical and Advanced Payroll Workshops! To book your seat, for more information or for a full workshop program guide, please click here Thomson Reuters' Inaugural Tax Conference - The State of Play Address today's most pressing tax challenges in the face of change and system-wide reform. This conference will explore topics such as: The current and future state of GST Developments in CGT and superannuation Better preparation and management of tax audits, dispute resolutions and settlements Date: 15 - 16 September 2007 Venue: L'Aqua, Cockle Bay Wharf, Sydney To book now or for further information, please visit www.thomsonreuters.com.au/tax08 or call 1300 304 195. Return to TOP