News Bulletin 16 November 2011

Tax updates: ATO penalties, car FBT & super rate changes

This month we discuss the recent activity by the ATO relating to general interest charges and other penalties; changes to the super guarantee rates; we outline the amended bill in relation to fringe benefits for cars; plus the upcoming tax lodgement dates.

Workers' compensation traps

Every business has to deal with workers' compensation and there are a number of common errors made when submitting information for premiums. This is an important area to consider as Federal and State Government audit campaigns occur regularly and the penalties for non-compliance can be severe.

Limited recourse borrowing arrangements for SMSFs

Normally a SMSF is restricted from borrowing money to purchase assets to be held by the fund (S67 of the SIS Act). However there is one exception to this ruling, which is a Limited Recourse Borrowing Arrangement (LRBA).