JUNE 2010

Tax

Michael Jones, Cummings Flavel McCormack

Nothing dramatic on the tax front in the Federal Budget, says tax specialist Michael Jones of Cummings Flavel McCormack, with much of the tax reform activity taking place in forums like the Henry committee. But there are still important changes to note, though many don't take effect immediately. Buried in the Budget small print are some modest but useful adjustments affecting superannuation and the tax treatment of earn-out arrangements when a business is sold. And standard deductions for work-related expenses are on their way, though not until July 1, 2012. Michael Jones also notes extra funding for the ATO to monitor GST compliance - business should expect greater activity in the area in the coming year.