Retrenched or leaving your job?

Leaving your current job can be a frightening experience, especially if you are not sure what's going to happen next.

If you resign, are retrenched or considering a redundancy package, you might be entitled to income support payments when you leave work.

Centrelink's Financial Information Service have put together a "Retrenched or Leaving Your Job Fact Sheet". The fact sheet provides information on entitlement, claiming, restrictions and waiting periods that may apply. You can download the publication in either PDF or rich text format online HERE.

Certain stapled security arrangements under review

ATO Media Release 2008/2

Acting Tax Commissioner Bruce Quigley today warned people to be cautious about claiming deductions for losses incurred under certain stapled security arrangements.

In these arrangements the company issuing the securities suggests that the investor may claim deductions for losses in certain circumstances.
These circumstances include the assignment, transfer or surrender of the note, or conversion or disposal of the stapled security.

Mr Quigley said the Tax Office is concerned that these losses may not be allowable and will be releasing a public ruling on the arrangement shortly.
"We are acting now to warn people who may be involved of our concerns as soon as possible.

"People should seek independent tax advice before claiming deductions for any losses that they incur under these arrangements,” Mr Quigley said.

A taxpayer alert TA 2008/1 was issued today and is available from the Tax Office website www.ato.gov.au

What every employee needs to know about super

The ATO has recently released their publication, "Super - what you need to know."

If you’re new to the workforce, changing jobs or you need to know how to make the most of your super savings, this publication will:

- help you understand how super works
- provide the steps needed to make the most of your super at different life stages, and
- show you where to go for more information.

You can download a free copy of the publication as a PDF directly from the tax office website HERE.