Split-loan borrowers should tread warily on deduction claims

Article Abstract:

Australian split-loan borrowers should be careful about how much interest they claim as a tax deduction until the Australian Taxation Office (ATO) completes a test case of its own ruling on deductible interest. The ATO issued in December 1998 a ruling limiting the interest borrowers can claim. The results of the test case may prompt ATO to modify or reverse its ruling. The ruling allows borrowers to split the loan amount into two or more separate accounts, at least one of which is a private account and one a business or income-producing account.

Tax Deductions & Exemptions, Usage, Interest deductions, Tax deductions, Loans, Australia. Australian Taxation Office, O'Neill, Michael (Actor)

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Taxed and confused; the new rules about fringe benefits tax are causing dismay, and there could be some nasty surprises in store for everyone

Article Abstract:

Australia's fringe benefits tax is considered difficult for both employers and employees. The legislation that resulted in the tax requires employers to record the fringe benefits received on each employees' group certificate. Employers will also have to keep track of each employees' fringe benefit tax. Employees may also be affected, especially those lower-paid workers who may have their social security entitlement affected.

Tax Law, Employee benefits

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GST could be a de facto death duty; beneficiaries of some deceased estates could end up losing a lot of their inheritances

Article Abstract:

Beneficiaries may lose a portion of their inheritances to taxes because no tax relief for the assets of deceased estates exists in the goods and services tax (GST). Analysts are in disagreement regarding the effect of the GST, and the Australian Taxation Office has yet to determine guidelines to handle the situation.

Tax Administration, Inheritance and succession, Goods and services tax

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