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Welcome to the Summer 2012 edition of E-Link.

With the start of a new financial year, there are often a few changes in tax rules and rates to become familiar with. On 1 July 2012, means testing for the net medical expenses tax offset was introduced and the offset rate for high-income earners was halved. We look at what this could mean for individuals and families.

The Australian Taxation Office has also released details of its compliance program for 2012–13. Doctors and other high-income earners are again in the ATO’s sights after receiving particular attention in the last financial year. The ATO’s focus has shifted from taxpayers with closely held trusts to those with widely marketed financial products that offer substantial tax benefits. We outline what you can do to prepare for an ATO audit of your financial affairs.

Finally, many people associate estate plans with having a will, but for some people, a testamentary trust can be a very effective tool to protect beneficiaries and estate assets. We examine the various types of testamentary trusts and some common situations in which they can be used.

As always, if you would like further information about any of these topics, please contact us.


The Bongiorno Team

Means testing the Net Medical Expenses Tax Offset

High-income earners could find themselves paying more because of changes to the net medical expenses tax offset that came into effect this financial year.

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Preparing for an audit

Once again, high-income earners have been targeted in the Australian Taxation Office’s compliance program for 2012–13. In this article, we outline what the ATO is looking for and steps you can take to protect yourself during the audit process.

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Testamentary trusts

Good estate planning doesn’t stop with a properly drafted legal will. A testamentary trust can be an important tool to protect your estate and your beneficiaries.

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