After announcing much anticipated transitional arrangements for Living Away From Home Allowances (LAFHAs) in this week’s Federal Budget, the Government is now looking to limit these transitional arrangements to permanent residents.

Living with trusts in this post-Bamford era (FCT v Bamford (2010) 75 ATR 1) has become fraught with complexity and uncertainty.  As the Government pushes to reform the taxation of trusts, we all have the opportunity to influence the creation of a taxation regime that ensures trusts are structures that are effective to cope with the complexity of the business and investment environment, both now and for the future.

Recently announced changes, if implemented as planned from 1 July 2012, could have a far reaching impact on existing living away from home (LAFH) arrangements and those written in the next five months.

The Personal Property Securities Act (PPSA) regime commences today, Monday, 30 January 2012.

The PPSA reflects a significant change to the taking, registering and enforcement of security over personal property (essentially most property other than land).

The migration of data from current security registers (e.g. the ASIC Company Register and REVS) has occurred and you should now refer to the Personal Property Securities Register (PPSR) - www.ppsr.gov.au.

PPSA - Am I ready?

Can a super fund invest in artwork, collectibles or other similar types of investments? 

The short answer is “yes”. 

Expatriates taking up employment in Australia will be subject to comprehensive tax rules and employment visa requirements. The liability to Australian tax will be principally determined by the expatriate's residency status and the source of relevant income.

What is VAT?
The VAT in the European Union is a general, broadly based consumption tax assessed on the value added to goods and services. It operates on the same basic principles as GST in Australia.

Refund mechanism for Australian businesses with no establishment in the EU
The European 13th Directive VAT refund mechanism may allow businesses established outside of the EU to increase their bottom line by reclaiming  VAT incurred on business expenses.

There are now around 450,000 Self Managed Superannuation Funds in Australia and more than a third of all money invested via super is held in Self Managed Superannuation Funds. More and more business owners are realising that Self-Managed Superannuation Funds can play an important role in their tax planning.

Have you bought or developed a property with an intention to make a profit? Perhaps now, with the change in the property market, you are renting out the property as you cannot sell it or have changed your mind and decided to keep it?

If this is the case, there are some things you may need to know about GST and property transactions.

Court finds construction company "cover pricing" is cartel behaviour.