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Recent Banks Group News

2014 EOFY TRUST RESOLUTIONS

July 1, 2014

As the 2014 Financial Year draws to an end, it is important that trust resolutions are prepared and signed before 30th June 2014.  In this resolution, it is important to consider and document the following: 1. Definition of Trust Income …

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Satisfying the Psi Rules….Not the End of the Story

Personal Services Income (‘PSI’) applies to income that is mainly the reward for an individual’s personal exertion through a tax effective structure (such as a discretionary trust or company).  The PSI regime contains rules which effectively pierces the structure and …

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CALCULATING THE MARGIN WHEN APPLYING THE GST MARGIN SCHEME

May 29, 2014

Subject to certain conditions being satisfied, Division 75 of the GST Act allows a taxpayer to use the GST margin scheme when calculating their GST liability on the supply of real property.  In calculating the “margin” on which GST is …

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Banks Group is an association of independent firms that operate in both Melbourne and Sydney under the same trading name. Neither the Melbourne Banks Group firm or the Sydney Banks Group firm are partners or agents of each other and shall not be liable for any act or omission of each other.