ATO shows no mercy

Article Abstract:

A draft tax ruling (TR2002/D13) released by the Australian Taxation Office (ATO) states that a non-exempt payment received under a statutory personal injury compensation scheme will be assessable when paid as compensation for loss of income, regardless of how the payment is made. Workers might show reluctance in accepting lump sum settlements in compensation claims as these may be assessed as income.

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American psycho

Article Abstract:

President George W. Bush's philosophy on taxation is that income should be taxed either at its corporate or personal manifestation and savings and investments should not be taxed at all. The American government may soon run up unprecedented expenditures, if Bush persists in cutting taxes while waging war.

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Fear of year end?

Article Abstract:

The ways of legitimately deferring the receipt of income and the legitimate ways of bringing forward deductible expenditure before 30th June is discussed. As far as possible, it is suggested that the year end must be covered for small businesses and self-employed individuals.

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