Whats happening this month in tax world?

February 2010 Client Alert

Proposed Amendments to the Tax Laws
The Government has introduced a Bill into Parliament which seeks, among other things, to:
- remove the CGT trust cloning exception and providing a limited CGT relief when transferring assets between two fixed trusts;
- update the list of deductible gift recipients to include two new organisations and change the name of one organisation; and
- exempt the Income Recovery Subsidy payments to North Western Queensland flood victims from income tax.

Proposed CGT–related amendments
The Bill seeks to repeal the ‘trust cloning’ exception to two CGT events. Currently, the exception ensures that a CGT event does not happen if a trust is created over a CGT asset or if the asset is transferred to an existing trust where the beneficiaries and terms of the transferring trust and receiving trust are the same.
.. For more

Business & Tax Solutions

Investment and Business solution
How to reduce your tax while paying off your loan !

For years it’s been a misconception for new property investors that paying off the loan is a tax deduction – wrong! …..But not any more !

More experienced investors know that it is only the interest that you get the tax deduction, paying of the principal of the loan is not a tax deduction, ... More

Finance & Property Investment Newsletter

Finance

Interest rates on the rise?

Reading the business press and thinking of fixing your home or investment loan?

Speak to a Mercia mortgage broker about your options. We have access to some great fixed rates available for those who think rates are on the rise....More

Property Investment

This month we have a property investment offering from Match to clients of Mercia, and the snap shot of this months article’s is….read more