Lowe Lippmann - Media Releases

As a premier second-tier firm we are able to attract highly skilled and dedicated personnel. We value our people and look to provide them with great career paths. Similarly, we are excited with each development within our practice that helps to provide our clients with the best that modern accountancy has to offer.

If you haven’t heard about the tax office’s very successful tactical weapon of data matching, you must have been conducting business from under a rock. It is an extensive and ever-expanding winning manoeuvre that isn’t going to go away.

See attached article for more details

The Australian Securities and Investments Commission (ASIC) have announced the 2007 winner of the “Pie in the Sky Award”. ASIC announces this award once a year to the most outrageous financial scheme that is too good to be true.

These schemes frequently use sophisticated props and hard sell techniques that lure many people. The serious purpose behind these awards is to warn the public that get rich quick schemes promise the world but rarely deliver on these promises

See attached infomation sheet for more details

 

ATO Reviews Service Entity Arrangements

The Australian Taxation Office (ATO) has long accepted that legitimate service arrangements can exist between professional firms and associated service entities and has treated the fees paid to the service entity as tax-deductible expenditure.

There is a concern by the ATO that some service arrangements have more to do with transferring profit from the business entity into the hands of family members than with commercial considerations.

This has resulted in the ATO issuing a tax ruling concerning the deductibility of service fees paid to associated service entities. This ruling has been issued after extensive discussion with industry and other professionals, and is now in final form.

See attached infomation sheet for more details

Victorian Land Tax:

New Arrangements for Taxation of Trusts

The Victorian Government is to apply a new land tax regime to all trusts holding land in Victoria from 1 January 2006. The new tax rates will impose a surcharge of 0.375% of the land value in addition to the standard land tax rates.

See attached infomation sheet for more details

 

What you should know before buying a franchise or existing business?

A recent court case has highlighted why it is important to undertake a due diligence review, and obtain expert professional advice when purchasing a franchise or an existing business.

See attached due diligence report for further details.