Please CLICK HERE to open our Client Information Newsletter - June 2012 edition, which covers the following:

Personal Topics:

You will have to act fast, but it has been confirmed that pre-paying your private health insurance premiums will entitle you to lock-in a higher level of rebate before it is means tested from July 1, 2012.

Business Topics:

Businesses that make payments to contractors will be hit with an added tax reporting burden next financial year, and even contracting services that engage sub-contractors will be drawn in to the new 'Taxable Payments Report' regime.

The taxation of trust income has been through a prolonged period of uncertainty. In the interests of clarifying certain aspects about tax and trust income we run through recent amendments from the Tax Office about streaming capital gains and franked distributions.

IMPORTANT NOTE: In another change to the distribution rules for trusts, the ATO advises that all trustees who make beneficiaries entitled to trust income by way of a resolution (for 2011-12 and thereafter) must do so by the end of the relevant income year, or an earlier date if stipulated in the trust deed. Previously, an administrative concession adopted by the ATO allowed trustees to make such resolutions by August 31 after the end of the income year in certain circumstances.

And in the run-up to financial year's end, we list essential tax tactics to put your business in a better tax position, both for this tax time and into future tax years.

Superannuation Topics:

We also include a superannuation end-of-year checklist.

Should you require more information regarding any topic touched upon in this newsletter, please feel free to contact this office for personal advice.

Disclaimer: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information.