Dear

We are pleased to supply you with the October 2010 edition of Client Alert, which contains information on a number of important developments in taxation including:

•       Tax Office Eyes Overdue Tax Lodgments — The Tax Office is eyeing companies, trusts, partnerships and individual taxpayers which have overdue income tax returns.

•       Tax Scams On Tax Office Radar — The Tax Office has recently highlighted the emergence of new tax schemes, warning taxpayers to be vigilant.

•       Education Tax Refund — You Claim It, They Check It — The Tax Office will be data-matching with Centrelink in efforts to identify recipients who may be incorrectly claiming the Federal Government’s education tax refund.

•       Deduction of Super Contributions — Ensure Paperwork Valid — The Tax Office has reminded self-managed super fund (SMSF) members that if they intend to claim a tax deduction for their personal superannuation contributions, they must complete the correct form.

•       Direct Debit for GIC-free Payment Deal — The Tax Office has extended the general interest charge (GIC) free payment arrangement for small business taxpayers, but now expects payment by direct debit.

•       Donations to New Zealand Christchurch Earthquake — The Government has announced that all donations by Australians to the recent earthquake in Christchurch will be tax-deductible.

•       No Indemnity for Wound-up Corporate Trustee, Says Court — The Federal Court has ruled on a case dealing with a corporate trustee seeking to be indemnified for legal expenses after it had been wound-up.

•       Debts Result in CGT Small Business Concessions Being Denied — The Administrative Appeals Tribunal has ruled on a case dealing with the small business CGT concessions.

•       Court Can’t Review Tax Office Decision to Delay GST Refunds Payable — The Federal Court has made a decision dealing with a taxpayer’s request for a review of the Tax Office’s decision to ‘withhold‘ GST refunds that were payable.

In addition, the Due Diligence: Action Checklist is included, which will help decide whether or not to buy a business.

Please contact us if you wish to discuss how the points raised in Client Alert specifically affect you.

Yours sincerely