July/August - MTA

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Changes ahead from the Budget By Bruce Wigan, HLB Mann Judd Not surprisingly in an election year, the Government’s third Federal Budget, together with the Government’s initial response to the Henry Tax Report, contains practically no bad news for individuals, small businesses and private companies. In fact the two sets of fiscal measures contain mainly good news for these groups, although much of the good news will not be delivered until some time in the future. For individuals, and small and private businesses, there are no new taxes, no increases in existing taxes and no new limitations on tax deductions, including deductions for superannuation contributions. There is only a minor adjustment to tax offsets (ie tax credits) and there is no additional taxation of superannuation contributions, earnings or benefits Individuals There are two main changes for individual tax payers. Tax discount on interest From July 1 2011 a discount of 50 per cent of tax will apply on up to $1,000 of interest income earned by individuals. The discount will apply to interest income earned from a variety of sources such as bank deposits and bonds, both directly and indirectly (eg through a trust). There is no suggestion that the amount of interest income to which this measure will apply is to be a net amount; that is, after offset of interest expenses incurred. This measure will provide a tax incentive to earn at least a certain amount of interest income from approved sources. If such interest is earned in a family trust it should be possible to ensure that a number of family members benefit from the 50 per cent tax discount. Standard tax deduction From July 1 2012 individuals will be able to elect to claim a standard tax deduction of $500 (increasing to $1,000 from July 1 2013) for work related expenses and costs of managing their tax affairs. If this election is made there will be no need to substantiate the deduction. However, if one’s actual deductions are greater than the standard amount, the greater amount can be claimed instead. This will greatly simplify tax return preparation for many individuals and leads the way towards a system where it may not be necessary to lodge very simple tax returns. Although the Government is not suggesting that this will be the case yet. The budget also confirmed: personal income tax rates previously legislated for 2010 – 2011 will not be changed; from July 1 2010 the low income tax offset is increased to $1,500, effectively increasing the personal tax free threshold to $16,000; and from July 1 2010 the medical expenses rebate threshold will increase to $2,000. Small businesses The main changes for small business include: Company tax rate reduction It appears that the reduction in the company tax rate from 30 per cent to 28 per cent from July 1 2012 will apply to small businesses as currently defined; that is, companies with an annual turnover (including the turnover of associates) of less than $2m. For other companies, the tax rate reduction will be phased in from July 1 2013 to July 1 2014. As there is no suggestion that the maximum personal rate will be reduced, it will result in further planning for privately owned businesses to limit the effective tax rate on business income to the 28 per cent rate. In the coming financial year (2010 – 2011) it will also result in such businesses considering ways to optimise the use of franking account balances and means by which income can be legitimately deferred to the following year. Asset write-offs From July 1 2012 the proposed simplification and acceleration “Broadly, the proposal is to treat all consideration on sale of a business, including earn-outs, as attributable to the business itself. ” 28 motor tradewww.mta-sa.asn.au of capital expenditure write-offs for small businesses will provide administrative and tax benefits. Small businesses will be able to immediately write off assets valued under $5,000 and will be able to write off all other assets (except buildings) in a single depreciation pool at a 30 per cent rate. This will do away with the need for them to maintain detailed depreciation schedules, at least for tax purposes. CGT on earn-outs Clarification of the CGT treatment of earn-out payments on business sales is welcome as it removes doubt surrounding this area of tax law in a manner favourable to business owners. It means that business owners can structure the sale of their business in a commercially realistic way without adverse CGT consequences. Broadly, the proposal is to treat all consideration on sale of a business, including earn-outs, as attributable to the business itself. This means that all of the consideration, including earnouts, may qualify for the CGT 50 per cent discount and also the small business CGT concessions. As there will be transitional provisions for certain cases with effect from October 17 2007, it will be necessary to review any business sales made from then, once the provisions are released. Among other measures that might affect small businesses is an increase in the GST threshold for financial supplies to $150,000 of input tax credits from July 1 2012.
NEW VEHICLE REGISTRATIONS SOUTH AUSTRALIA - YEAR TO DATE: MAY 2010 2010 (21 Working Days) 2009 (21 Working Days) Make Sedan Wagon Comm. Total % Sedan Wagon Comm. Total % ALFA ROMEO 3 3 0.05 10 10 0.20 AUDI 32 11 43 0.75 29 13 42 0.85 BMW 69 25 94 1.65 35 21 1 57 1.15 Mini 10 10 0.18 5 1 6 0.12 TOTAL BMW 79 25 0 104 1.83 40 22 1 63 1.27 CHRYSLER 2 2 0.04 10 2 12 0.24 CITROEN 4 4 0.07 5 1 6 0.12 DAF 0 0.00 0 0.00 DODGE 0 0.00 2 8 10 0.20 FIAT 2 3 5 0.09 4 15 19 0.38 FERRARI 0 0.00 0 0.00 FORD 247 122 183 552 9.69 307 117 140 564 11.40 FREIGHTLINER 0 0.00 4 4 0.08 HOLDEN 625 248 165 1038 18.22 526 198 181 905 18.30 Isuzu 50 50 0.88 49 49 0.99 TOTAL GMH 625 248 215 1088 19.09 526 198 230 954 19.29 HONDA 141 21 162 2.84 117 31 148 2.99 HYUNDAI 255 132 20 407 7.14 262 95 18 375 7.58 INTERNATIONAL 0 0.00 2 2 0.04 IVECO 0 0.00 3 3 0.06 JAGUAR/DAIMLER 0 0.00 7 7 0.14 JEEP 19 19 0.33 14 14 0.28 KENWORTH 0 0.00 12 12 0.24 KIA 101 30 1 132 2.32 116 45 1 162 3.28 LAND ROVER 0 0.00 21 2 23 0.47 LEXUS 6 4 10 0.18 12 6 18 0.36 MACK 5 5 0.09 3 3 0.06 MAN 0 0.00 0 0.00 MAZDA 336 90 56 482 8.46 268 32 28 328 6.63 MERCEDES 51 13 16 80 1.40 61 6 25 92 1.86 Smart 0 0.00 4 4 0.08 TOTAL MERCEDES 51 13 16 80 1.40 65 6 25 96 1.94 MG 0 0.00 0 0.00 MITSUBISHI 184 142 112 438 7.69 115 56 118 289 5.84 NISSAN 79 83 138 300 5.27 37 71 138 246 4.97 PEUGEOT 21 4 1 26 0.46 23 1 24 0.49 PORSCHE 2 2 0.04 5 3 8 0.16 PROTON 3 3 0.05 0 0.00 RENAULT 2 4 5 11 0.19 8 4 5 17 0.34 ROVER/R.ROVER 25 25 0.44 0 0.00 SAAB/SCANIA 0 0.00 5 8 13 0.26 SKODA 1 3 4 0.07 2 1 3 0.06 SSANG YONG 2 2 0.04 1 6 7 0.14 STERLING 0 0.00 0 0.00 SUBARU 83 107 190 3.33 76 85 161 3.26 SUZUKI 133 26 1 160 2.81 90 23 5 118 2.39 TOYOTA 471 319 346 1136 19.94 502 233 280 1015 20.52 Hino 0 0.00 13 13 0.26 TOTAL TOYOTA 471 319 346 1136 19.94 502 233 293 1028 20.78 VOLVO 3 15 4 22 0.39 6 11 6 23 0.47 VW 95 47 28 170 2.98 58 39 18 115 2.33 WESTERN STAR 11 11 0.19 9 9 0.18 OTHERS 14 9 77 100 1.76 2 1 7 10 0.20 TOTAL ALL VEHS. 2975 1501 1222 5698 100.00 2709 1139 1098 4946 100.00 DAILY RATE 141.667 71.476 58.190 271.333 129.00 54.24 52.29 235.52 MOTORCYCLE REGISTRATIONS SOUTH AUSTRALIA - MAY 2010 YEAR TO DATE This month % 2010 % 2009 % APRILIA 2 0.73 35 2.18 22 1.02 BAOTIAN 11 4.01 74 4.61 106 4.93 BENELLI 1 0.36 8 0.50 7 0.33 BMW 8 2.92 25 1.56 52 2.42 BOLWELL 1 0.36 53 3.30 88 4.09 BUELL 1 0.36 14 0.87 10 0.46 BUG 5 1.82 19 1.18 56 2.60 DUCATI 4 1.46 25 1.56 27 1.26 HARLEY DAVIDSON 30 10.95 133 8.29 163 7.58 HONDA 57 20.80 283 17.63 328 15.25 HUSQVARNA 0.00 8 0.50 20 0.93 HYOSUNG 13 4.74 59 3.68 51 2.37 KTM 10 3.65 54 3.36 68 3.16 KAWASAKI 16 5.84 107 6.67 186 8.65 MOTO-GUZZI 0.00 4 0.25 7 0.33 MV AUGUSTA 0.00 1 0.06 2 0.09 PIAGGIO 5 1.82 16 1.00 42 1.95 SACHS 0.00 7 0.44 7 0.33 SUZUKI 65 23.72 263 16.39 313 14.55 TRIUMPH 16 5.84 77 4.80 104 4.83 TGB 2 0.73 25 1.56 14 0.65 VESPA 0.00 25 1.56 26 1.21 VMOTO 0.00 0 0.00 16 0.74 YAMAHA 35 12.77 217 13.52 356 16.55 ZONGSHEN 0.00 0 0.00 0 0.00 OTHERS 0.00 73 4.55 80 3.72 TOTAL NEW REGISTRATIONS 274 100 1605 100 2151 100 Registration figures are compiled by data supplied by Transport SA. No responsibility can be accepted by MTA for the accuracy of the information. Jul 12 Jul 13 Jul 20 Jul 20 Jul 20 Jul 23 Jul 27 Jul 27 Aug 2 Aug 2 Aug 10 Aug 12 Aug 17 Aug 24 Aug 25 Aug 26 Certificate III, Heavy Vehicle Diesel Mechanics Post-trade training: Electronic drive management systems Annual General Meeting, 3 Frederick Road Royal Park GTS Board and Executive Committee Post-trade training: electronic body management ‘Behaving Badly’ course – how to deal with bullying Collision Repair Division Post-trade training: SRS (remove & replace) Upper South East, Naracoorte Post-trade training: LPG systems (service & maintain) Post-trade training: Wheel alignment Post-trade training: Wheel alignment GTS Board and Board of Management Auto Parts Recycling Division Australian Automobile Dealers Association Riverland, Waikerie Advance Notice: Sep 6 Mid North, Clare Sep 6 Post-trade training: LPG systems (install) Sep 7 Post-trade training: air conditioning Sep 9 Post-trade training: air conditioning Sep 11 Licensed Vehicle Dealers Sep 12 FIMDAA Sep 13 Certificate IV – OHS Systems and Processes Sep 14 Lower Eyre, Pt Lincoln Sep 16 Service Station Division Sep 20 Murray Bridge Sep 21 GTS Board and Executive Committee Sep 26 Post-trade training: air conditioning Sep 27 Motorcycle Industy Association Sep 28 Post-trade training: air conditioning Sep (tbc) ‘Behaving Badly’ course – how to deal with bullying Sep 28 Oct 5 Oct 11 Oct 12 Oct 12 Oct 12 Oct 13 Oct 18 Oct 19 Oct 19 Oct 19 Oct 21 Oct 26 Oct 28 EVENTS CALENDAR JULY 2010 / OCTOBER 2010 Collision Repair Certificate III, Trailer Mechanics (Heavy) FIMDA Auto Parts Recycling Division Post-trade training: Electronically controlled ABS Post-trade training: Electronic drive management systems President’s Metropolitan Member Forum, venue tba South East, Mt Gambier Post-trade training: Electronically operated traction control systems Post-trade training: Wheel alignment GTS Board and Board of Management Post-trade training: Wheel alignment Southern, Willunga Towing Division (AGM) All dates and times correct at time of printing, but subject to change without notice. Go to the Training and Seminars link on the MTA Website (www.mta-sa.asn.au) for the latest information. www.mta-sa.asn.aumotor trade 29
Page 1 and 2: Official magazine of the Motor Trad
Page 3 and 4: inthisissue... features: 8 11 6 Kel
Page 5 and 6: EXECUTIVE DIRECTOR’S REPORT By MT
Page 7 and 8: pit stops, helping with pre-race pr
Page 9 and 10: “Today that vision is a reality.
Page 11 and 12: Motorsport demands matched by the r
Page 13 and 14: All Transport Crash Repairers celeb
Page 15 and 16: National Motor Vehicle Theft Reduct
Page 17 and 18: (L-R): MTA Executive Director John
Page 19 and 20: MTA Life Members (L-R): Richard Fla
Page 21 and 22: Collision Repair Division Executive
Page 23 and 24: Regions and Divisions Southern coun
Page 25 and 26: Three Simple Rules for Smarter Supe
Page 27: Business Seminar proves invaluable
Page 31 and 32: For more information contact CRC In

July/August - MTA

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