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June 2010

Page 5

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Personal Living Expenses

Next Saturday night if you’re wondering what to do, download the Personal Living Expenses Worksheet from the ATO website. http://www.ato.gov.au/content/downloads/bus00195974nat72960052009.pdf By working your way through the worksheet you establish what it costs you to live.  By comparing this cost with income being declared in your  tax return the ATO can very easily establish if you are living beyond your means and, by inference, if you have not been declaring  all your income.

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Division 7A Extended

The deemed dividend rules in Division 7A now  include payments by way of a licence or right to use real property and chattels. This restricts private companies from allowing their shareholders or associates to use company assets such as real estate, car, boats for free or at a discounted rate.

Disclaimer

This newsletter is to provide information of a general interest. The contents of this newsletter does not constitute specific advice. Readers are encouraged to consult Coutts Partners for advice on the topics covered here or any other areas of concern.

 

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