July 2010 Newsletter

Welcome to the new financial year

What a year 2010 was!  We received the results of the Henry Review and with the change in Prime Minister we have already seen the Governments initial response to some of these recommendations change.  Despite the economic uncertainty of 2010 many of our clients businesses flourished and we would like to take the opportunity now to congratulate our clients on their fantastic results for the year! 

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Fringe Benefits Tax – Entertainment

Fringe Benefits Tax (FBT) legislation can be a tricky thing that often leaves employers unsure of when it does and doesn’t apply.  In this article we are focusing on entertainment fringe benefits as they often apply where food and drink is provided to an employee. These costs are also commonly mistaken for deductible expenses (and GST claimed) which we discuss below.

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WARNING: Fraudulent Tax Refund Emails

As is common in most tax years, fraudulent emails are already being sent with regard to 2010 tax refunds.  An mta optima staff member has already received one of these emails with the subject heading: Australian Tax Refund Agency.The email then directs you to an attachment that takes you to a false ATO website page:


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Cooper review - Super reform

In March we reported that the Government’s Cooper review was assessing Australia’s superannuation system.  The Cooper Review was engaged by the Government to review the superannuation industry with the aim of making superannuation simpler, safer and more efficient. We can now report the key recommendations of this review:


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Small business superannuation clearing house

The Government has announced that eligible small businesses (those with under 20 employees) are now able to use their free Small Business Superannuation Clearing House.  The Clearing House is designed to reduce red tape and compliance costs for small businesses when meeting their superannuation guarantee obligations.

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Employment Taxes Update

Since the start of the year there has been a noticeable increase in the level of compliance activity being conducted in the area of Employment Taxes both at Federal and State levels.  This includes; Fringe Benefits Tax (FBT), Payroll Tax, Super Guarantee (SG), PAYG withholding and Workers Compensation.

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Minimum wage review 

On 3 June, Fair Work Australia’s Wage Panel handed down its first annual wage review decision.  The decisions of the panel are as follows:

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Masterchef - Chocolate Ganache, Lavender Cream and Raspberry Tart

Well Masterchef has been and gone for another season and didn't they produce some gems. The team at mta optima wanted to share with you some of their favourites.

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