Corney & Lind Lawyers


Update






5 December 2011
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School or College Building Funds - New Ruling

 

Effective today, the existing College Building Fund Tax Ruling (TR 96/8) has been withdrawn by the ATO. 

 

TR 2011/D5 Income tax: school or college building funds has now been published by the ATO.

 

A significant change relates to buildings used both as a school and for other purposes.  Any other use of the building must be either:

  •  integral to its use as a school; or
  • minor or occasional.

Trustees of funds who have relied on the 'more than 50% rule' in TR 96/8 now need to swiftly consider and take advice on the application of the new ruling (albeit only draft ruling as it is intended to apply from today once later finalised).

 

Read more in our Legal Resource Centre.

Special Purpose Companies Ltd by Guarantee save $1,000+ pa in ASIC fees

 

Special Purpose Companies qualify for reduced ASIC annual review fees.  The current ASIC annual review fee for a public company is $1,069.00 per annum.  For a Special Purpose Company this reduces to $40.00 per annum.  This is a significant saving. So how do you qualify as a Special Purpose Company?

 

Read more ...

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