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.

Another ATO Tax Refund Email Scam

The Tax Office is again warning people about a fraudulent email being circulated that claims to offer a refund from the Tax Office.

The email is similar to previous scams from March, June and October which fraudulently uses the Tax Office logo and the words ‘Australian Taxation Office – Notification’ or ‘Australian Taxation Office – Please Read This’ in the subject line.

There may also be more variations to these subject headings.

The email asks people to click on a link which redirects them to a bogus website that looks similar to the Tax Office website and asks for credit card and personal details.

The email and website are not affiliated with the Tax Office in any way.

Acting Second Commissioner Bill Gibson said anyone who receives the email should delete it immediately.

“People should be wary of unsolicited emails claiming to be from the Tax Office.

“The Tax Office will never send emails to people asking them to provide personal information including credit card details.

“As an extra precaution we recommend you type internet addresses directly into your internet browser rather than clicking on hyperlinks embedded in emails,” Mr Gibson said.

If people have entered their credit card information on the website, they should contact their credit card provider as soon as possible and report a possible compromise.

Tax Deadline Approaching

REMINDER:

If you are doing your own tax return this year, you have just days left to lodge it with the ATO before the October 31 deadline.

Online Guide for Young Employees

Today sees the launch of the Workplace Authority's "What's the deal with workplace agreements?" interactive tutorial.

The head of Workplace Authority, Barbara Bennett, says "'What's the deal with workplace agreements?' is a versatile product that advises and supports young employees, be they at school and working on the weekend or working full time as an apprentice. It cuts out the jargon and gives young employees the facts through realistic situations so that they know where they stand when they enter a workplace agreement."

The guide provides factual information about agreement making, rights of young employees, as well as the responsibilities of their employers. It is best suited for 14-22 year olds and their parents.

You can access or download the interactive guide at http://www.workplace.gov.au/

740 New Places to Boost Uni Entry in NSW

University students in New South Wales will benefit from 740 new Commonwealth supported places announced today by the Minister for Education, Science and Training.

“Places have been allocated for areas of skills need and student demand. New South Wales will receive 2,006 additional places by 2011,” Minister Bishop said.

“The new student places will provide for the training of 225 engineers, 200 nurses, 120 science professionals, 120 teachers, 50 health professionals including Indigenous health professionals, 10 business and IT professionals and 15 places for Indigenous education pathways.”

“Nationally the Australian Government has allocated more than 2,300 new Commonwealth supported places to help meet student demand for higher education,” Minister Bishop said.

More to Receive Higher Pensions

More than two million age pensioners will receive increases in their pension payments from 20 September 2007 and an estimated 300,000 older Australians will be able to access the pension for the first time or get a higher rate of pension.

Minister for Families, Community Services and Indigenous Affairs, Mal Brough, yesterday announced that pensions would once again rise above inflation.

The Minister said the adjustments from 20 September also applied to people receiving the full range of Centrelink payments, such as Disability Support pension and Newstart payments.

You can access a full summary of changes online here.