News & Updates

Free for You

2009-11-20T14:13:00.001+11:00

A special offer for all of our clients

Do you need a health check of your income protection and life insurance?

Or a health check for your Superannuation investments (whether it be SMSF or a Managed Fund)?

Are your loan terms (for your home, business or personal) appropriate for YOU and NOW?

Or need help choosing the right investment property or simply cut your leg work for your own family home?

For being a ACP Accountants Tax client, we would like to offer you a FREE, no obligation consultation with carefully selected independent financial advisers, brokers and buyers agents.

What do you need to do? Tell us your interested and we will pass on the relevant contacts to you and to the service providers.

* We note the financial advisers, brokers and buyers agents provided are independent of ACP Accountants. No rebates or commissions are provided nor accepted by ACP Accountants staff for referring the providers services.

Best Leaders ask, "What's The Worst That Can Happen?"

2009-10-14T10:01:00.002+11:00

While many leaders fail and whine, the best recognize that they can learn a lot from others. Talking to employees, competitors, customers, or anyone else who may have an opinion; they never shy away from asking a lot of questions.

“How could we have known that would happen?”

Noticed recently how you’re hearing this question a lot more frequently?

More leaders, across a wide swath of industries and sectors, are pointing at recent news items to justify their inability to hit forecasts (which they seemed so confident about just 90 days earlier) when discussing their organization’s performance.

They note:- Fuel costs are skyrocketing and killing the airlines.- People want cars that get more miles per gallon - so the auto industry is suffering.- Food costs surprise everyone as corn is used less to eat and more to run cars.- Spending on infrastructure within most organizations is being cut back.- Downsizing is occurring everywhere.

“How could we have known that would happen?”

Well, to start, they could have asked.

The best leaders ask a lot of questions. They are constantly trying to learn how to do things better. And they know that other people have information and insight that they don’t. So they ask all sorts of people questions to gain perspective and real-world feedback. And with that newfound information, they ask others what their thoughts are.

Consequently, the best leaders aren’t the ones you see at a press conference justifying their recent crappy performance as being “beyond their control,” or making statements like, “nobody anticipated that the price of fuel would go up as much as it has.

What bull!

A couple of years ago, the leaders at Southwest Airlines saw that one coming. So they started investing in hedging funds for their price of fuel. Now, they pay about $55 for fuel while the big airlines are paying $135 and scrambling to survive. If you’ve ever had anything to do with Southwest - as a customer, a business partner, or provider - you know that they have a pretty good grasp of what their customers think. They have managers who work “with the troops.” And those managers - all the way up the chain of command - ask a lot of questions to everyone they meet. And as a result, they don’t get “surprised.” They make plans according to what they hear from those most in-touch. They succeed when others fail.

And, by the way, couldn’t you or your spouse have told the guys making trucks like the Titan, Expedition, Suburban, Tundra, Hummer, etc., was not a sound long range idea because probably the price of gas would soon rise? Really, who didn’t know that? Only, it seems, those auto executives who couldn’t resist the idea that a truck provided about $5,000 more profit per unit than a small car.So they practiced that time-honored approach which I call “management by crossed fingers,” aka: “Let’s hope that nothing happens.

In addition to corporate types, I also coach business owners or managers. When looking at their strategy and forecasts, I always ask, “Now, what’s the worst thing that can happen? If something occurs that will blow these planning premises?” Usually, this question causes a good dialog about what could happen. That then takes us further to discuss what contingency plans are needed to ensure they would survive and recover. Did anyone ask that question at CountryWide Mortgage, or Citibank before they made all those loans for homes that seemed to only go up in price?Do you ask lots of questions? I mean at least five per day?

If not, ask yourself why?

It may be because you don’t want to look stupid. That’s your ego preventing you from doing what’s right. And, as you know already, egos cause a lot of problems in our personal life and in our career success. Don’t let your ego inadvertently cause you to become even stupider.

The best leaders, if you watch them closely, seem to be “ego-less”.” The best leaders have no fear of looking stupid, just a genuine concern about failing. They know they will improve their odds of success by asking questions.

Questions 101: Some leaders tell me that they don’t know what questions to ask in many situations because they aren’t close enough to the work done by that person or her team. So here are a few easy ones to toss out when you find yourself in those situations.

Here are some question guaranteed to get some feedback:

* What are you thinking about when you wake up at 3AM?
* What’s the biggest problem here you see right now?
* What can I do to make it easier for you (or your team) to get the job done?
* If you had one wish to make it better around here, what would it be?
* Do you have everything you need to succeed?
* What do you see on the horizon that could be bad for us?
* What’s the most important thing you (or your team) have got going on right now?
* What roadblocks are holding you (or your team) from rocketing ahead?

Be prepared to hear things that may make you uncomfortable. Don’t make any promises you can’t deliver. But let people see that you’re open to any ideas. This approach will make you and your organization better. And, as a side benefit, it will save you from becoming one of those whiners pleading, “How could we have known that would happen?”

john
Leadership Coach

John M. McKee is the founder and CEO of BusinessSuccessCoach.net, an international consulting and coaching practice with subscribers in 43 countries. One of the founding senior executives of DIRECTV, his hands-on experience includes leading billion dollar organizations and launching start-ups in both the U.S. and Canada. The author of two published books, he is frequently seen providing advice on TV, in magazines, and newspapers. Please visit his site!

Women, Kids & Money

2009-10-07T14:49:00.002+11:00

A concerted effort is being made to help Australian women better understand & manage financial risk to address the demonstrated lack of condfidence this group has when it comes to money matters.

The Financial Literacy Foundation's "Women Understanding Money" report revealed women has a real 'switch off' factor when it comes to finance. The report revealed 52% of Australian women find dealing with money stressful and overwhelming and 25% of women have absolutely no savings for retirement. of the women who do invest, less than 5% look at the company's background information.

And this is happening at a time when women are increasing their independence: for the first time since the end of World War One, there are more single women in Australia than married women.

Children are also being encouraged to develop their money skills.

Banks, community groups and other have developed a number of learning activities to help kids obtain a realistic understanding of money. For example, Citigroup in working with the YWCA to develop a financial literacy program for primary school children, while independent company Kids Money has recently paired up with Bank West to provide seminars and educational resources.

The Financial Literacy Foundation was established by the Government in 2005 to give all Australians the opportunity to increase their financial knowledge and better manage their money. It works in partnership with government, industry and community organisations to advance financial literacy.

Investor Warnings!!

2009-10-01T23:06:00.001+10:00

If the investment you are considering sounds too good to be true it probably is! Below is a link to the Australian Taxation Office's ''Investor warnings'' page.

http://www.ato.gov.au/atp/content.asp?doc=/content/19458.htm

Simplified tax system essentials pathway page

2009-10-01T23:04:00.001+10:00

For the 2007-08 and later income years the simplified tax system (STS) no longer operates and has been replaced by the small business entity provisions. For more information, visit www.ato.gov.au/SBconcessions

View previous years' pages

Below is a link to the Australian Taxation Office's ''Simplified tax system essentials'' pathway page.

http://www.ato.gov.au/businesses/pathway.asp?pc=001/003/028

Division 7A - answers to frequently asked questions

2009-10-01T23:03:00.001+10:00

The questions and answers set out are a guide only and are not a substitute for the law. All references to legislation are to the Income Tax Assessment Act 1936 (ITAA 1936) unless otherwise specified. Please find the following link to the Australian Taxation Office's ''Division 7A - answers to frequently asked questions'' page.

http://www.ato.gov.au/businesses/content.asp?doc=/content/32059.htm

Home-based business

2009-10-01T23:01:00.000+10:00

If you operate a small business (not a non-profit organisation) as a sole trader, partnership, company or trust at or from your home, you can use this guide to help you: claim home-based business expenses; understand how capital gains tax can apply to you; find out where to go for more information.

Below is a link to the Australian Taxation Office's ''Home-based business'' page.

http://www.ato.gov.au/businesses/content.asp?doc=/content/43191.htm

Tax Rates, Calculators & Tools

2009-10-01T23:00:00.001+10:00

Below is a link to the Australian Taxation Office's ''Rates, calculators and tools'' pathway page.

http://www.ato.gov.au/businesses/pathway.asp?pc=001/003/019&mfp=001/003&mnu=601

Business Deductions Essentials!

2009-10-01T22:57:00.001+10:00

Deductions for costs incurred in running your business are allowable, provided the expenses are not of a private, domestic or capital nature. Below is a link to the Australian Taxation Office's ''Business deductions essentials'' pathway page.

http://www.ato.gov.au/businesses/pathway.asp?pc=001/003/011&mfp=001/003&mnu=573

Key lodgment dates for businesses

2009-10-01T22:56:00.001+10:00

Below is a link to the Australian Taxation Office's ''Key lodgment dates for businesses'' page.

http://www.ato.gov.au/businesses/content.asp?doc=/content/34949.htm

Doing business overseas - an overview

2009-10-01T22:55:00.001+10:00

As Australian residents are taxed on their worldwide income, they must report all foreign income in their Australian income tax return.

This overview explains how income from foreign business activities is treated. If you are also earning foreign income from passive investments (such as securities and rental properties), interest or royalties, refer to Investing overseas - overview.

Below is a link to the Australian Taxation Office's ''Doing business overseas - overview'' page.

http://www.ato.gov.au/businesses/content.asp?doc=/content/65957.htm

Online version of the Tax Withheld Calculator

2009-10-01T22:54:00.001+10:00

The current version of the Tax withheld calculator is Version 4.10 – effective from 1 July 2009.

Below is a link to the Australian Taxation Office's ''Online version of the Tax withheld calculator'' page.

http://www.ato.gov.au/individuals/content.asp?doc=/Content/33277.htm

More Record keeping Essentials for Businesses

2009-10-01T22:53:00.001+10:00

Start with the 'Basics' to find out which issues affect your business or follow the links to specific topics. Below is a link to the Australian Taxation Office's ''Record keeping essentials'' pathway page.

http://www.ato.gov.au/businesses/pathway.asp?pc=001/003/003&mfp=001/003&mnu=43662

Building and Construction Essentials

2009-10-01T22:52:00.001+10:00

Information for companies, contractors and sub-contractors in the building and construction industry and commercial trade service sectors.

Below is a link to the Australian Taxation Office's ''Building and construction essentials'' pathway page.

http://www.ato.gov.au/Businesses/pathway.asp?pc=001/003/014

Are You in the Charter Boat Industry?

2009-10-01T22:51:00.001+10:00

This information provides detail on the ATO position relevant to boat owners who enter into arrangements to provide a boat to a charter operator, or another party, for the charter operator to hire, lease or charter to others.

Below is a link to the Australian Taxation Office's ''Charter boat industry'' page.

http://www.ato.gov.au/businesses/content.asp?doc=/content/35337.htm

How to Report Tax Evasion...

2009-10-01T22:50:00.001+10:00

We are committed to targeting tax evasion and you can help us to make sure everyone pays their fair share of tax. If you have information about fraudulent or possible criminal activity, phone us on 1800 060 062 (between 8.00am and 6.00pm weekdays), or make an online report now. Your information could help make the system fairer for everybody.

Below is a link to the Australian Taxation Office's ''How to report tax evasion'' pathway page.

http://www.ato.gov.au/businesses/pathway.asp?pc=001/001/008

Imputation Essentials

2009-10-01T22:48:00.001+10:00

Dividend imputation has been a major feature of the Australian taxation system since 1987. Entities that are taxed separately from their members are called corporate tax entities, and they are taxed at the company tax rate, which is currently 30%.

Below is a link to the Australian Taxation Office's ''Imputation essentials'' pathway page.

http://www.ato.gov.au/businesses/pathway.asp?pc=001/003/066&mfp=001/003&mnu=10007

Do You Have Difficulty in Paying Your Tax Debt (att: business clients)

2009-10-01T22:47:00.001+10:00

If you cannot pay your tax debt on time, please contact us immediately on 13 11 42 to discuss your circumstances.

When you speak to us about payment of your outstanding tax debt or remission of general interest charge (GIC), we are committed to: understanding your situation and individual circumstances; being fair and equitable in the application of the law, processes and policy; considering your case on its merits and assisting you to move on, and assisting you where possible if you are attempting to engage with the Tax Office and do the right thing.

Below is a link to the Australian Taxation Office's ''Difficulty in paying your tax debt (business clients)'' page.

http://www.ato.gov.au/businesses/content.asp?doc=/content/23130.htm

Changes in Your Business Essentials

2009-10-01T22:44:00.001+10:00

Just a reminder, changing business circumstances may affect your tax and other regulatory obligations. You must ensure you keep updated!

Below is a link to the Australian Taxation Office's ''Changes in your business essentials'' pathway page.

http://www.ato.gov.au/businesses/pathway.asp?pc=001/003/008

Employer Essentials!

2009-10-01T22:42:00.000+10:00

This page provides useful links that will assist employers to meet their Commonwealth tax and superannuation obligations.

Below is a link to the Australian Taxation Office's ''Employer essentials'' pathway page.

http://www.ato.gov.au/businesses/pathway.asp?pc=001/003/079

FAQs: Activity Statements

2009-10-01T22:41:00.003+10:00

Below is a link to the Australian Taxation Office's ''FAQs: activity statements'' page.

http://www.ato.gov.au/businesses/content.asp?doc=/content/17420.htm

Record Keeping Essentials

2009-10-01T22:41:00.001+10:00

Start with the 'Basics' to find out which issues affect your business or follow the links to specific topic

Below is a link to the Australian Taxation Office's ''Record keeping essentials'' pathway page.

http://www.ato.gov.au/businesses/pathway.asp?pc=001/003/003&mfp=001/003&mnu=867

Tax Basics for Non-Profit Organisations

2009-10-01T22:38:00.000+10:00

Below is a link to the Australian Taxation Office's ''Tax basics for non-profit organisations'' page.

http://www.ato.gov.au/nonprofit/content.asp?doc=/content/33609.htm

Tax basics for Small Business

2009-10-01T22:37:00.000+10:00

Below is a link to the Australian Taxation Office's ''Tax basics for small business'' page.

http://www.ato.gov.au/businesses/content.asp?doc=/content/25193.htm

This publication, Tax Basics for Small Business (NAT 1908), is also available as a PDF. To download immediately, click on the following link:

http://www.ato.gov.au/download.asp?file=/content/downloads/BUS25193n1908_06_09.pdf

Tax Basics - Introductory Sessions for Small Business

2009-10-01T22:31:00.001+10:00

Below is a link to the Australian Taxation Office's ''Introductory sessions for small business'' page.

http://www.ato.gov.au/businesses/content.asp?doc=/content/6750.htm

Checklist for people starting a new business

2009-10-01T22:30:00.001+10:00

Below is a link to the Australian Taxation Office's ''Checklist for people starting a new business'' page.

http://www.ato.gov.au/businesses/content.asp?doc=/content/69534.htm

Individual Income Tax Rates

2009-10-01T22:27:00.002+10:00

Below is a link to the Australian Taxation Office's ''Individual income tax rates'' page.

http://www.ato.gov.au/individuals/content.asp?doc=/content/12333.htm

Hey! Where's My Refund?

2009-10-01T22:27:00.001+10:00

Below is a link to the Australian Taxation Office's ''Where's my refund?'' page.

http://www.ato.gov.au/individuals/content.asp?doc=/content/1440.htm

Payment and Refund Essentials

2009-10-01T22:25:00.001+10:00

Below is a link to the Australian Taxation Office's ''Payment and refund essentials'' pathway page.

http://www.ato.gov.au/individuals/pathway.asp?pc=001/002/009

Deductions Essentials!

2009-10-01T21:56:00.001+10:00

Below is a link to the Australian Taxation Office's ''Deductions essentials'' pathway page.

http://www.ato.gov.au/individuals/pathway.asp?pc=001/002/013

How to Pay Your ATO Account

2009-10-01T21:55:00.002+10:00

Below is a link to the Australian Taxation Office's ''How to pay'' page.

http://www.ato.gov.au/businesses/content.asp?doc=/content/33696.htm

Tax Return Essentials!

2009-10-01T21:55:00.001+10:00

Below is a link to the Australian Taxation Office's ''Tax return essentials'' pathway page.

http://www.ato.gov.au/individuals/pathway.asp?pc=001/002/006

Failure to lodge on time (FTL) penalty frequently asked questions

2009-10-01T21:54:00.001+10:00

Below is a link to the Australian Taxation Office's ''Failure to lodge on time (FTL) penalty frequently asked questions'' page.

http://www.ato.gov.au/individuals/content.asp?doc=/content/23605.htm

Seniors and Retirees Essentials

2009-10-01T21:53:00.000+10:00

Below is a link to the Australian Taxation Office's ''Seniors and Retirees Essentials'' pathway page.

http://www.ato.gov.au/individuals/pathway.asp?pc=001/002/025&mfp=001/002&mnu=43500

Making Tax Deductible Donations

2009-10-01T21:52:00.000+10:00

Below is a link to the Australian Taxation Office's ''Making tax deductible donations'' page.

http://www.ato.gov.au/nonprofit/content.asp?doc=/content/8568.htm

FW: Personal Tax Essentials Pathway Page

2009-10-01T21:50:00.003+10:00

Below is a link to the Australian Taxation Office's ''Personal Tax essentials'' pathway page.

http://www.ato.gov.au/individuals/pathway.asp?pc=001/002/031&mfp=001/002&mnu=1180

FW: When Do We Pay Taxes?

2009-10-01T21:50:00.001+10:00

Below is a link to the Australian Taxation Office's ''When do we pay taxes?'' page.

http://www.ato.gov.au/individuals/content.asp?doc=/content/33808.htm

Keeping Your Tax Records

2009-10-01T21:43:00.002+10:00

Below is a link to the Australian Taxation Office's ''Keeping your tax records'' page.

http://www.ato.gov.au/individuals/content.asp?doc=/content/30327.htm

FW: Deductions Essentials

2009-10-01T21:42:00.001+10:00

Below is a link to the Australian Taxation Office's ''Deductions essentials'' pathway page.

http://www.ato.gov.au/individuals/pathway.asp?pc=001/002/013&mfp=001/002&mnu=42701

FW: Change Job Status Essentials

2009-10-01T21:41:00.001+10:00

Below is a link to the updated Australian Taxation Office's ''Change job status essentials'' pathway page.

http://www.ato.gov.au/individuals/pathway.asp?pc=001/002/037&mfp=001/002&mnu=43232

Did You Study During The Year?

2009-10-01T21:06:00.001+10:00

Below is a link to the Australian Taxation Office's ''Study and Claim'' page.

http://www.ato.gov.au/individuals/content.asp?doc=/content/00172086.htm

Family Tax Benefit (FTB) - New Changes to Claiming FTB

2009-10-01T21:05:00.001+10:00

Below is a link to the Australian Taxation Office's ''Family tax benefit (FTB) - changes to claiming FTB'' page.

http://www.ato.gov.au/individuals/content.asp?doc=/content/00180055.htm

What is the Baby Bonus?

2009-10-01T21:04:00.001+10:00

Below is a link to the recently updated Australian Taxation Office's ''What is the baby bonus?'' page.

http://www.ato.gov.au/individuals/content.asp?doc=/content/33906.htm

Change Job Status Essentials

2009-10-01T20:57:00.000+10:00

Below is a link to the updated Australian Taxation Office's ''Change job status essentials'' pathway page.

http://www.ato.gov.au/individuals/pathway.asp?pc=001/002/037&mfp=001/002&mnu=43232

Deductions Essentials

2009-10-01T20:56:00.001+10:00

Below is a link to the Australian Taxation Office's ''Deductions essentials'' pathway page.

http://www.ato.gov.au/individuals/pathway.asp?pc=001/002/013&mfp=001/002&mnu=42701

Keeping Your Tax Records

2009-10-01T20:54:00.001+10:00

Below is a link to the Australian Taxation Office's ''Keeping your tax records'' page.

http://www.ato.gov.au/individuals/content.asp?doc=/content/30327.htm

When Do We Pay Taxes?

2009-10-01T20:53:00.001+10:00

Below is a link to the Australian Taxation Office's ''When do we pay taxes?'' page.

http://www.ato.gov.au/individuals/content.asp?doc=/content/33808.htm

Personal Tax Essentials Pathway Page

2009-10-01T20:49:00.000+10:00

Below is a link to the Australian Taxation Office's ''Personal Tax essentials'' pathway page.

http://www.ato.gov.au/individuals/pathway.asp?pc=001/002/031&mfp=001/002&mnu=1180

Already Broken Your New Year's Financial Resolutions?

2009-08-06T12:57:00.000+10:00

Are you having trouble keeping your new year's financial resolutions?

At a glance: According to a BankWest survey, one in five Australians will have broken their New Year's financial resolutions by Easter.

BankWest have conducted a survey that has shown that at the start of the year, about half of Australians had set themselves a financial goal. The survey showed that some people making New Year's financial resolutions intended to either start saving or increase their savings while others were looking to reduce debts and curb their spending.

However, the survey has revealed that one in five Australians find it difficult to keep their financial resolutions due to higher interest rates, increasing rents and higher priorities. According to BankWest head of marketing and products, David Rose, the key is sticking to a habit of putting a little bit away on a regular basis. Mr Rose said, "Starting and maintaining the discipline is crucial. If you do it month after month, you clear the debt and build up nest eggs."

BankWest will be launching a new section on its website www.getsaving.com.au to provide visitors with tips on how to meet their financial goals.

Remember: You should check and see whether or not you are meeting your financial goals. Speak to your financial advisor about ways of starting and maintaining the discipline of saving more and spending less. Contact us if you require any clarification or advice.

Compliance Assistance For SMSF Trustees

2009-08-06T12:50:00.001+10:00

Are you a trustee or member of a Self Managed Superannuation Fund [SMSF]?

At a glance: Assistant Deputy Commissioner of Taxation, Mr Ian Read, has given an overview of the Tax Office's role in helping self managed superannuation funds comply with their legal obligations.

In a recent speech, Mr Read highlighted that Self Managed Superannuation Funds are now the largest superannuation market segment, both in terms of funds and assets.Mr Read said that the Tax Office was working hard to provide the best education and advice to trustees by providing various publications for trustees of SMSF's, revamping the SMSF section on the Tax Office website and publishing public rulings, determinations and taxpayer alerts specific to the SMSF's.The Tax Office has recently issued a taxation ruling on the residency of an Australian super fund, and has sent 330 letters to trustees of SMSF's that may be at risk of not meeting the definition of an Australian super fund.

The Tax Office is increasing its SMSF compliance activities and targeting risk areas in the superannuation system such as non-arm's length transactions and failing to comply with the limits for superannuation contributions.

Remember: Please ensure you are aware of your responsibilities as trustee of an SMSF and be aware of the ATO's assistance in ensuring you comply with your legal obligations. Contact us if you require any clarification or advice.

Take Off And Holiday With A GST Refund In Your Pocket

2009-08-06T12:41:00.001+10:00

Are you a tourist or an Australian resident travelling overseas?

At a glance: The Tourist Refund Scheme [TRS] enables travellers to claim a refund for tax paid on goods purchased in Australia.

Taxpayers travelling overseas, regardless of whether they are Australian residents or not, are entitled to a refund of any Goods and Services Tax [GST] and Wine Equalisation Tax [WET] paid on eligible goods purchased in Australia.

To be eligible to claim the refund, taxpayers must:

- have spent at least $300 in one store and get a single tax invoice;

- buy eligible goods not more than 30 days before departure;

Subject to some exceptions, taxpayers are entitled to the refund for goods worn and/or carried on to the aircraft or ship as hand luggage when they leave Australia.The GST refund amount is 1/11th of the total amount of the purchase; while the WET refund is 14.5% of the total amount paid for the wine. Claims for the TRS refund can be made at Customs TRS facilities at most Australian international airports and cruise liner terminals.

The following items should be presented when making a TRS refund claim:

- The goods purchased;

- Original tax invoice totalling $300 or more;

- Passport; and

- Boarding pass or any other proof of travel.

Remember: You should be aware of the TRS If you are going to travel - Overseas travellers can claim a refund for the tax paid on goods purchased in Australia. Contact us if you require any clarification or advice.

NSW Payroll Tax Cuts

2009-08-06T12:36:00.001+10:00

Are you an employer in NSW?

At a glance: The New South Wales [NSW] Government has confirmed that it will permanently reduce payroll tax rates in a bid to stimulate the NSW economy.

The NSW Government has confirmed that it will permanently reduce payroll tax rates in order to support the NSW economy over the next 4 years. The gradual reductions in payroll tax rates are effective beginning January 1, 2009 as follows:

a. From 6% to 5.75% from January 1, 2009

b. From 5.75% to 5.65% from January 1, 2010

c. From 5.65% to 5.50% from January 1, 2011

In addition, the payroll tax threshold was increased to $623,000 from July 1, 2008. This threshold will be indexed annually to be in line with the Consumer Price Index. According to the NSW Treasurer, businesses with a $1m payroll in 2008/09 will save approximately 20% on their payroll tax bill as a result of the new reduced payroll tax rates and indexed threshold.

Remember: - Ensure you are aware of the three stage reductions to the NSW payroll tax rates over the next 4 years. Contact us if you require any clarification or advice.

Tax Office Talks Trust Cloning

2009-08-06T12:32:00.000+10:00

Are you looking to transfer an asset between trusts?

At a glance: The Tax Office has recently addressed the criteria that must be met in order to access the Trust Cloning CGT exemption.

Trust Cloning refers to the Capital Gains Tax (CGT) exemption that is available where an asset is transferred between two trusts and the beneficiaries and terms of the trusts are the same. In a recent speech, Second Tax Commissioner Bruce Quigley said the Tax Office acknowledged that there were contentious issues regarding the strictness of the test of sameness that must be met in order to access this exemption. These issues include the requirement that both trusts have the same appointers and make the same family trust or interposed entity election in respect of the same test individual or family group. As such, the Tax Office has recommended funding for suitable test cases on these issues to assist taxpayers when accessing the Trust Cloning CGT exemption.

However, until these test cases are heard, taxpayers in doubt are advised to apply for a private ruling before transferring an asset to a cloned trust.

Remember: You must be aware of the requirements for the CGT exemption to apply as the criteria that must be met for the Trust Cloning CGT exemption is very strict. Contact us if you require any clarification or advice.

Capital Gains Tax: What is meant by the Phrase 'At Least 12 Months Before'?

2009-08-06T12:28:00.001+10:00

Are you a taxpayer who has made a capital gain after 11.45am on September 21, 1999 or a taxpayer who holds Capital Gains Taxable assets?

At a glance: A Capital Gain is only eligible for a Capital Gains Tax (CGT) Discount if the CGT asset being disposed of was acquired at least 12 months before the date of disposal.

A Capital Gain is only eligible for a Capital Gains Tax (CGT) Discount if the CGT asset being disposed of was acquired at least 12 months before the date of disposal (Click here for more information on the CGT discount). According to the Tax Office, the use of the words 'at least' requires a clear period of 12 months to expire between the acquisition of the CGT asset and the date of disposal. As such, a period of 365 days must elapse between the day on which the asset was acquired and the day on which the asset was sold/disposed of.

For example, an asset purchased on February 2, 2001 will qualify for the discount if it was sold on or after February 3, 2002. Note that for years in which the month of February has 29 days, there must be 366 days between the date of acquisition and the date of disposal.

Remember: You may be able to reduce the CGT payable on the sale of an asset by holding the asset for more than 12 months and meeting the other eligibility criteria and be aware of the requirements for the CGT discount. Contact us if you require any clarification or advice.

Pension Phase Self-Managed Superannuation Funds - Treatment of Capital Gains and Losses

2009-08-06T12:23:00.001+10:00

Are you a trustee or member of a self-managed super fund?

At a glance: A publication called "Self-Managed super funds and tax exemptions on pension assets" has been released by the Tax Office to provide guidance on the tax treatment of capital gains and losses for self managed superannuation funds in pension phase.

Generally, ordinary income and statutory income earned by a superannuation fund from assets held to provide for pensions is exempt from income tax. Generally, where the assets having the sole purpose of paying the pensions have been set aside from all the other fund assets, a capital gain or loss resulting from the disposal of one of these assets can be disregarded.Net capital losses from these segregated assets cannot be used to offset any other capital gains earned by the SMSF.

For SMSF's with unsegregated pension assets, all the funds capital gains and losses are calculated each year and any net capital gain or loss must be added to any other assessable income of the fund before working out how much of the income is exempt from tax as per the actuarial certificate.

Click here for a copy of the guide and to visit the ATO website at http://www.ato.gov.au.

Remember: Ensure you are aware of the exemptions available for superannuation funds in pension phase and the tax treatment of capital gains and losses for SMSF's in pension phase. Contact us if you require any clarification or advice.

A Blow for Superannuation Co-contributors

2009-08-06T12:17:00.000+10:00

Are you an individual who is making personal eligible superannuation contributions?

At a glance: In the recently released 2009 Federal Budget, the government has announced they will cut the amount of their co-contributions to superannuation until the 2014/15 year.

The Superannuation co-contribution scheme was introduced by the federal government to assist eligible individuals in saving for their retirement by matching their personal superannuation contributions. Since the 2007 budget the government has been matching eligible contributions at 150% meaning that for every eligible $1 contributed the government co-contributed $1.50. In the recently released federal budget for 2009 the government announced it will be cutting this matching rate as of June 30, 2009.

The adjusted superannuation co-contributions rates from July 1, 2009 will be:

- 100% until the end of the 2011/12 income tax year, with a maximum co-contribution of $1000, reduced by 3.333 cents for each dollar by which the person's income exceeds the shade out threshold.

- 125% for the 2012/13 and 2013/14 income tax years, with a maximum co-contribution of $1,250, reduced by 4.167 cents for each dollar by which the person's income exceeds the shade out threshold.

- Return to 150% from the 2014/15 tax year and onwards, with a maximum co-contribution of $1,500, reduced by 5 cents for each dollar by which the person's income exceeds the shade out threshold.

Remember: The reduction in government co-contributions to superannuation is only temporary. You should understand how the cut in co-contributions may affect your superannuation planning. Contact us if you require any clarification or advice.

Bringing the Old Briefcase Back In Fashion

2009-08-06T11:28:00.001+10:00

Are you an Employer who provides fringe benefits to your employees?

At a glance: In a recent meeting, the FBT Subcommittee has highlighted the definition of "briefcase" for FBT purposes.

The Fringe Benefits Tax Legislation provides an exemption from Fringe Benefits Tax [FBT] for certain work related benefits provided to an employee provided they are used primarily in the employees employment. In a recent meeting, members of the Fringe Benefits Tax [FBT] subcommittee discussed the meaning of "briefcase" as it relates to the FBT administration and how to determine whether the item is "primarily used for work related purposes".

The Tax Office uses the Macquarie Dictionary which defines briefcase as "a flat rectangular case or other material used for carrying documents, books, manuscripts etc". The Tax Office advised that the exemption does not extend to other forms of bags that may be used in employment such as satchel bags, wheeled business cases, laptop bags etc.

The Tax Office also advised that the time for ascertaining whether a benefit is used primarily in the employee's employment is the time when the benefit is first provided. Generally, this means that the benefit should be provided with the intention that it will be primarily used for work purposes.

Click here for the detailed minutes of the FBT subcommittee meeting and visit the ATO website at http://www.ato.gov.au.

Remember: You must ensure you are aware of the FBT Exemption for work related items. Contact us if you require any clarification or advice.

Government Triples the Temporary Investment Allowance

2009-08-06T11:21:00.002+10:00

Are You a Small or General Business Owner?

At a glance: The Government recently announced a 30% temporary business tax break to support the economy.

The Government has announced the Small Business and General Business Tax Break, under which small and general business owners can claim additional tax deductions. This replaces the 10% temporary investment allowance which was announced by the Government in December 2008 [Click here for more information].

For small businesses with annual turnover of $2 million or less, the new investment allowance allows for a 30% tax deduction on all eligible purchases that meet the minimum $1,000 threshold. All other business can receive the same deductions for eligible assets costing greater than $10,000. The additional tax deduction is calculated as 30% of the cost of the depreciating asset, to the extent that it will be used for a taxable purpose in carrying on a business. For example, a small business that buys and installs a $2,000 computer can claim an additional $600 tax deduction.

The 30% deduction is in addition to the tax deductions available for depreciation under Div 40 of the Tax Act.

To qualify for the investment allowance, the following requirements must be satisfied:

a. The taxpayer must start to hold the asset under a contract entered into between December 13, 2008 and June 30, 2009;

b. The asset must be in use or installed ready for use by June 30, 2010;

c. The asset must qualify for deductions for decline in value under Div 40 (capital allowances provisions) and must be used in Australia;

d. For assets that are partly used for private or non taxable purposes, only the portion that is used for a taxable purpose in carrying on a business will qualify for the 30% investment allowance.

Eligible assets purchased from July 1, 2009 to December 31, 2009 will only qualify for a 10% deduction. Full details of the new investment allowance are available by clicking by visiting the Treasurers website at http://www.treasurer.gov.au

Remember: You must be aware of the new small business and general business tax break and the requirements of the new investment allowance. Contact us if you require any clarification or advice.

Education Tax Refund for Approved Care Organisations

2009-08-06T11:13:00.001+10:00

Are you associated with an Approved Care Organisation?

At a glance: Approved Care Organisations (ACOs) are entitled to claim the education tax offset for eligible education expenses that have been incurred on primary or secondary school children in their care. Approved care organisations (ACOs) can claim the education tax refund for eligible education expenses that have been incurred for each child in primary or secondary school in their care. To claim the Education Tax Refund, ACOs must be entitled to receive family tax benefit part A for primary or secondary school children in their care. Eligible families and ACO's can claim a refund of up to 50% of eligible expenses with a maximum of $750 [a refund of up to $375] for primary school students and $1,500 [a refund of up to $750] for students in secondary school.

Expenses that are eligible for the Education Tax Refund include:

- Laptops, home computers and associated costs, - Internet connections, - Stationary and text books

Eligible education expenses do not include expenditure on school fees, school uniforms and school excursions.

Any excess in eligible education expenses above the limits can be carried forward to the following year, up to the maximum of one year, on the condition that the children still meet the eligibility requirements in the following year. Receipts or records of any expenditure must be maintained to substantiate any claims for the Education Tax Refund.

For more information please click here and visit http://www.ato.gov.au.

Remember: You may be entitled to claim a refund of half the eligible expenditure incurred on the education of a child in your residential care, subject to limits. So you should be aware of the Education Tax Refund. Contact us if you require any clarification or advice.

Donations to Victorian Bushfire Relief Efforts

2009-08-06T11:07:00.001+10:00

Are you intending to assist those affected by the Victorian Bushfires or Queensland Floods?

In an effort to encourage taxpayers to donate, the Tax Office has announced that taxpayers will be able to claim a deduction in their 2008-09 income tax returns without the usual requirement to keep a receipt for donations of $10 or less made to victims of the Victorian Bushfires and Queensland floods. Taxpayers who make donations over the internet or by phone of more than $10 need only use their web receipt or credit card statement to substantiate their claim.

Donations collected through third parties such as banks and retail outlets will be treated in the same way.

The Tax Office will be releasing further information about how it intends to help people directly affected by these natural disasters with any tax issues.

Affected taxpayers seeking more information or assistance regarding their tax affairs can call the Tax Office on 13 28 61.

For more information on other natural disaster relief measures that have recently been announced or proposed, visit the ATO website at www.ato.gov.au.

Remember: Ensure you are aware of the relief available if you are affected by the Victorian Bushfires or Queensland floods.

National Awareness Campaign - Taxpayers Beware

2009-08-06T11:03:00.001+10:00

Are you a taxpayer?

The Tax Office has commenced a national awareness program that is aimed at assisting taxpayers protect themselves against promoters who market 'dodgy tax schemes'.Under the program the Tax Office aims to inform taxpayers about investigating the tax planning and avoidance schemes and how to recognise and report these types of schemes.

According to the Tax Office, taxpayers should do the following before committing themselves to an investment or tax scheme:

a. Check the promoters' license details at http://www.fido.gov.au;

b. Contact ASIC if they haven't received a product disclosure statement or prospectus;

c. Get independent financial advice from a recognised professional;

d. Check Tax Office rulings on the ATO website, and;

e. Contact the Tax Office about dodgy tax schemes.

Details regarding the awareness program can be found online and consist of two brochures:

a. For "Tax Planning - investigate before investing" click here,

b. For "Recognising and reporting tax avoidance schemes" click here.

For more information you can visit the Tax Office website at http://www.ato.gov.au

Remember: - You should seek professional advice prior to investing in tax schemes.

Luxury Car Tax Refunds

2009-08-05T15:22:00.003+10:00

Are you a primary producer or tourist operator?

At a glance: The Australian Taxation Office has announced that most primary producers and tourist operators can claim refunds of the increase in Luxury Car Tax (LCT) on eligible cars.

You should consider whether you are eligible to claim the LCT refund or contact us if you require any clarification or advice.

The Luxury Car Tax (LCT) is a levy imposed on vehicles with a GST inclusive price exceeding the car depreciation limit.

For the 2008/09 financial year, the car depreciation limit is $57,180.

The LCT for the 2008/09 financial year is 33%, up from 25% in the 2007/08 financial year [Click here for more information].

From July 1, 2008 most primary producers and tourist operators will be able to claim refunds relating to the increase in LTC on certain luxury cars.

The maximum claimable refunds are as follows: a. Primary producers can claim a refund of up to $3,000 for one eligible car in a financial year; and b. Tourism operators can claim a refund of up to $3,000 for each eligible car in a financial year.

Eligible taxpayers can claim the LCT refund by completing the form Application for luxury car tax refund - for primary producers and tourism operators.

For more information on the LCT refund, click here and visit the ATO website at http://www.ato.gov.au.

Remember to check if you are eligible to claim refunds of the increase in Luxury Car Tax.

Are You Eligible For The HECS-HELP Benefit?

2009-08-05T15:22:00.001+10:00

Are you a recent graduate with a HELP debt?

At a glance: The Australian Taxation Office has provided details in relation to the proposed HECS-HELP benefit for eligible graduates and education teachers.

You should consider whether you are eligible for the HECS-HELP benefit or contact us if you require any clarification or advice.

The proposed HECS-HELP benefit is available to eligible maths or science graduates or early childhood education teachers who have a debt under the Higher Education Loan Programme (HELP).

The HECS-HELP benefit aims to reduce the eligible taxpayer's:

a. Compulsory HELP repayment included on their notice of assessment; or b. Accumulated HELP debt if they are an early childhood education teacher who does not have to make a compulsory HELP repayment.

To be eligible, taxpayers must meet the eligibility requirements relating to their:

a. Course of study; b. Occupation; c. Work location (for early childhood education teachers only), and d. HELP debt status.

The maximum annual benefit has been set at $1,500 for maths and science graduates and $1,600 for early childhood education teachers. The benefit amount, which will be indexed annually, also depends on the number of weeks you were employed in an eligible occupation and location.

For more information on the requirements, click here and visit the ATO website at http://www.ato.gov.au.

Taxation Treatment of Capital Protected Borrowings

2009-08-05T12:56:00.002+10:00

Are you an investor in capital protected products?

At a glance: A guide has been released by the Tax Office to explain the taxation treatment of capital protected products and borrowings.

You should understand how capital protected products are treated for tax purposes or contact us if you require any clarification or advice.

Capital protected borrowings are borrowings usually associated with the purchase of shares in a company, units in a trust or stapled securities such as instalment warrants, where the underlying asset is protected from a fall in value. The purchased securities are then used as security for the borrowings.

The key issues highlighted in the guide include:

- What are capital protected products and borrowings?;

- How are capital protected products and borrowings treated?;

- Capital protected products - change to benchmark interest rate.

Click here for a copy of the guide at the ATO website at http://www.ato.gov.au

Remember, ensure you are aware of how capital protected products are treated for taxation purposes.

Education Tax Refund - Been Keeping your Receipts?

2009-08-05T12:56:00.001+10:00

Are you a parent and entitled to Family Tax Benefit Part A?

At a glance: - The Government has issued a reminder to taxpayers of the Education Tax Refund and has again advised parents to keep the receipts of all amounts spent on their children's education expenses.

The Education Tax Refund is designed to support parents by offering refunds of their children's education expenses of up to:

a. $375 per year for primary school students; and b. $750 per year for secondary school students.

Eligible families will be able to claim a deduction of up to 50% of the expenses with a maximum of $750 for primary school students and $1,500 for secondary school students. Eligible expenses include but only: a. Laptops, b. Home computers and associated costs, c. Home internet connections, d. Printers, e. Education Software, f. Trade tools for use at school, and g. Stationery and school text books.

Parents can claim a deduction for these education expenses in their income tax returns at the end of the financial year.

Separate claim forms are available from the Australian Taxation Office at http://www.ato.gov.au. All receipts must be kept as documentary evidence.

Remember: You may be entitled to a deduction for your children's education expenses.

Everything You Need to Know About "Market Value"

2009-08-05T12:55:00.000+10:00

Are you Required to determine the market value of something for taxation purposes?

At a glance: The Tax Office has released a guide to assist taxpayers and their advisers on the processes to establish a market value for taxation purposes.

Under tax law, many taxpayers are required to ascertain the market value of items for taxation purposes.

For example, market valuation is required for the following situations:

Taxpayer - Situation Requiring Market Valuation

Individuals - Transfers of real estate or shares between related parties

Employees - Non-cash benefit transactions

Small Businesses - Transfers of assets to related parties,

Asset threshold tests for Capital Gains Tax concessions

Property Developers - GST margin scheme

All Taxpayers - Many anti-avoidance provisions

The guide, titled "Market Valuation for Tax Purposes", provides guidance on commonly valued things and supplements other advice and guidance provided on valuations.

The guide is split into 6 parts, as follows:

a) Market value for tax purposes, b) Real property and plant and equipment, c) Business valuations, d) Valuation Reports, e) Allocating value to underlying assets, and f) Tax Office processes

"Market Valuation for Tax Purposes" can be accessed here, at http://www.ato.gov.au

Remember, you must understand the process to establish the market value of an item for tax purposes or contac us for further clarification and advice.

Tax Bonus Eligibility Extended for Disaster Victims

2009-08-05T12:31:00.001+10:00

Are you a taxpayer affected by the disasters?

The Australian Taxation Office (ATO) has announced that victims of the recent bushfires and floods who have failed to lodge their tax returns on time will still be eligible for the stimulus package.

You must be aware of the tax Bonus & contact us if you require any clarification or advice.

The Commissioner of Taxation has confirmed that those affected by the recent Victorian bushfires and Queensland floods will not miss out on the Federal Government's stimulus package even if they fail to lodge their 2007/08 tax return on time.

The tax bonus is a one off cash bonus of up to $900 for eligible taxpayers earning less than $100,000 per year.

Taxpayers must lodge their 2007/08 income tax return by June 30, 2009 to be eligible for the tax bonus [click here for more information].

The ATO has announced that those who have been affected by the recent disasters will be granted an additional 12 months to lodge their 2007/08 income tax return without losing their eligibility for the tax bonus.

The Tax Office will commence making the tax bonus payments to eligible taxpayers from April 6, 2009.

For more information on other natural disaster relief measures that have recently been announced, visit the ATO website at http://www.ato.gov.au.

Remember - Ensure you are aware of the assistance available if you have been affected by the recent bushfires and floods disasters.

Personal Services Income Data Matching Program

2009-08-05T12:29:00.000+10:00

Are you a taxpayer who has received contract payments?

The Tax Office has recently announced that it has commenced a personal services income [PSI] data matching project. You must be aware of the ATO's data matching projects & contact us if you require any clarification or advice.

The Tax Office has announced it has commenced a personal services income data matching project in which records of approximately 30,000 individuals and entities will be reviewed.

Under the project, the records of entities and individuals who have received contract payments will be matched against information collected from labour hire firms, placement agencies and computer consultancy firms. Some of the firms include:

- Adecco Holdings Pty Ltd - Aker Kvaerner Advantage Pty Ltd

- Brunel Technical Services Pty Ltd - Chandler Macleod Group Pty Ltd

- Collective Resources I.T Recruitment Pty Ltd - Clarius Group Pty Ltd

- Dare Holdings Pty Ltd - Drake Australia Pty Ltd

- Entity Solutions Services Pty Ltd - Greythorn Pty Ltd

- Hays Specialist Recruitment (Aust) Pty Ltd - HR Connect Pty Ltd

- Hudson Global Resources (Aust) Pty Ltd - Infosys Technologies Australia Pty Ltd

- Labourforce Solutions Pty Ltd - Link Recruitment Pty Ltd

- LOGICACMG Pty Ltd - Manpower Services (Aust) Pty Ltd

- Michael Page International (Aust) Pty Ltd - Netstar Australia Pty Ltd

- Paxus Australia Pty Ltd - PeopleBank Australia Ltd

- Randstad Pty Ltd - Robert Walters Pty Ltd

- Ross Human Directions Ltd - SAP Australia Pty Ltd

- Service Stream Communications Pty Ltd - Service Stream Solutions Pty Ltd

- Technical Resources Pty Ltd - The Trustee for ADAPS Unit Trust

- The Trustee for Swan Drafting Unit Trust - Unisys Australia Pty Ltd

- Unisys West Pty Ltd - UXC Ltd

The project will enable the Tax Office to identify non-compliance with lodgement and debt payment as well as improve the strategic approach towards its business activities.

For more information on the ATO's data matching initiatives visit http://www.ato.gov.au and remember you must ensure you are aware of the ATO's data matching program on personal services income.

Mining Industry Data Matching Program

2009-08-05T12:27:00.000+10:00

Are you a taxpayer contracting to the mining industry?

Recently the Tax Office has announced a data matching program for contractors who provide personal services specifically to the mining industry.

You must be aware of the ATO's data matching projects & contact us if you require any clarification or advice.

The Tax Office is currently undertaking a data matching program which is aimed at contractors who provide their personal services to the mining industry.

Under the project, the Tax Office will seek to obtain information from several sources including:

a. Mining companies;

b. Contracting companies in the mining industry; and

c. Labour hire firms that specialise in labour for the mining industry.

The Tax Office will only look at payments made to entities such as companies, partnerships and trusts that comprise a reward for personal efforts or skills.nThe Tax Office aims to match the data from various sources against its taxpayer records to identify and address non-compliance with the personal services income rules.

Click here for more information on the ATO's data matching initiatives on Personal Services Income or visit http://www.ato.gov.au.

Remember you must ensure you are aware of the ATO's data matching program on personal services within the mining industry.

Using websites to Maximise Business Profit

2009-06-23T15:24:00.001+10:00

Are you a business owner interested in growing your business?

Greg Smith, CEO of Lifestyle Money (www.lifestylemoney.com.au) was recently asked for ways in which to grow small businesses, particularly how small businesses can use their website to maximise business profits.

Greg advised "While a presence on the web is pretty much a necessity for any business these days, it may not need to be your major focus.

"First of all, you need to determine who your major customers are and how they prefer to buy your product. How you set up and use your website will be determined by whether you're going to deal directly with the public."

Greg stated "One of the temptations of the Net is to spend a lot of time and money building an elaborate website. Forget it! You can set up a nice site for less than $1000. "I hate to disappoint, but the chances of someone seeing your site without you promoting it heavily (and spending a lot of money on search engines and online advertising) is extremely low, especially from overseas, because your site is just one of 4.2 billion web pages. The web's a powerful marketing and sales tool, but if your business is primarily for Australians then forget the extra bells and whistles.

"Make your website simple to navigate, keep it updated and highlight the people who matter. This way you won't waste time and money trying to maintain a website few people will see.

"The web is just another tool you need to use wisely."

You should ensure your website is simple to navigate, updated and relevant to the people who matter. Contact your accountant if you require any clarification or advice.

By Justine

Education Tax Refund - What Expenditure is eligible?

2009-06-23T13:01:00.003+10:00

Are you a parent who receives Family Tax Benefit Part A?

With the end of another tax year looming, parents are reminded to compile records of any expenditure relating to their children’s education for the Education Tax Refund [ETR]. The Education Tax Refund is designed to support parents by offering refunds for their children's eligible education expenses of up to:

a. $375 per year for primary school students; and
b. $750 per year for secondary school students.

The Following table shows the eligible and ineligible expenditure for the purposes of the Education Tax Refund:

Eligible Expenses	Ineligible Expenses
Laptop Computers	School Fees
Home Computers	School Uniforms
Printers	Musical instruments
USB flash drives	Donations
Disability aids to assist with computers	Building Levies
Computer repairs	Transport
Home internet connections	Tutoring
Educational computer software	Sporting equipment
School textbooks	School photos
Stationery	Computer games
Prescribed trade tools for secondary courses	Tuckshop expenses

Parents can claim a refund for these education expenses in their income tax returns at the end of the financial year.

Please contact us for further information or if you have any questions.

By Sophia

Announcement of an incease in the Medicare low income threshold

2009-06-23T12:33:00.002+10:00

Are you a taxpayer on a low annual income?

Did you know that With the release of the 2009 Federal budget, the government has announced they will increase the Medicare levy low income thresholds from the 2008/09 income tax year?

The Medicare levy is a scheme designed to give Australian residents access to health care. To fund the scheme all Australian tax residents are required to pay a levy of 1.5% of taxable income. There are however, exemptions available to people earning under certain income thresholds. From the 2008/09 year, the Medicare levy low income thresholds will be increased to $17,794 for individuals and $30,025 for individuals in families. The additional amount of threshold for each dependent child or student will also increase to $2,757. Further, the government has announced they will increase the Medicare levy low income threshold for pensioners below Age Pension age to $25,299 from July 1, 2008.

For more information visit the Australian Taxation Office website at http://www.ato.gov.au .

Remember The changes to the low income threshold apply from the 2008/09 financial year.

By Sophia.