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A Subaru Video Update from

The WRX STI NR4 is Here!

Subaru Australia’s latest addition to its motorsport fleet, the WRX STI NR4, is finally here! Prepared by Subaru Australia’s long-term motorsport partner, Possum Bourne Motorsport, the WRX STI NR4 reflects just one of three tiers that can be specified by buyers, and boasts six option packs: engine, brakes, driveline, suspension, gravel and tarmac.  FIA-homologated and eligible for FIA WRC2, ERC2 regional, and progressive national championships, the WRX STI NR4 features optional PBMS packages to suit everyone from the club amateur to the professional. To view the beast in person, visit Subaru Interactive @ Docklands. For the next best thing, log on to Subaru.com.au.

Impreza Sedan Concept

Subaru premiered their Impreza Sedan Concept at the 2015 Los Angeles Auto Show. Its compact body features the dynamic and solid design elements Subaru has become famous for, and hints at the design direction not only of next Impreza, but of all future Subaru models. The concept is available in a brand new colour for Subaru – the sporty and fun Ruby Red Metallic. Positioned as an entry model in the Subaru line-up, the Impreza Sedan effectively delivers a quality feel well beyond its class. Discover it for yourself and book a test drive today!

Check Your Coolant

Summer is here so it’s time to make sure your coolant is cool! The overflow or radiator tank should be full, and a coolant tester will tell you if the water to ethylene glycol ratio needs to be adjusted for maximum cooling. These testers are available at any auto parts store. The number one cause of breakdowns is related to coolant problems and engines overheating, so make sure you’re changing your coolant at least once a year.

VIZIV Future Concept

Subaru recently launched their VIZIV Future Concept at the 44th Tokyo Motor Show! Derived from ‘Vision for Innovation’, the VIZIV boasts automatic driving capability, a down-sized turbocharged engine with a hybrid system, and advanced safety technology including EyeSight and all direction radar sensing, which will monitor both traffic and potential risks. The VIZIV Future Concept is described as an SUV-type concept model, and is one of Subaru’s most exciting vehicles to date. For more information, call us, or visit Subaru.com.au.

Subaru Liberty 2.5i Review

Here's how Derek Ogden from CarsGuide.com.au summed up the Liberty 2.5i. "It's has always maintained a spot at the heart of middle-of-the-road motoring. The latest incarnation looks to be in no mood to relinquish its position." Contact us to test drive the Liberty

Major superannuation reforms announced

The Government has recently made a number of important announcements affecting superannuation. A key proposal announced is that the Government will change the superannuation law to cap tax-free earnings at $100,000. That is, the tax exemption for earnings on superannuation fund assets supporting income streams will be capped at $100,000 per annum per person from 1 July 2014. A tax rate of 15% will apply to fund earnings above $100,000. According to the Government, the measure would affect around 16,000 individuals who have around $2 million in their superannuation funds and an estimated rate of return of 5%.

However, the Government confirmed that withdrawals will continue to remain tax-free for those aged 60 years and over. Presumably, the proposals will be subject to public consultation before implementation.

"Holiday home" included in tax concession test

A taxpayer company has been unsuccessful before the Administrative Appeals Tribunal (AAT) in a claim to secure the capital gains tax (CGT) concessions for small businesses.

In this case, the AAT affirmed the Commissioner's decision that the taxpayer did not satisfy the "maximum net asset value" test for the purposes of qualifying for the concessions. The AAT found that the individual who controlled the company could not exclude from the test his interest in a Queensland property, which he claimed was used for "personal use and enjoyment".

TIP: The small business CGT concessions are intended to offer small business taxpayers a range of unique tax concessions. However, despite being targeted towards taxpayers who typically have less complicated affairs, the rules are riddled with complexities that may not appear obvious at first glance.

Each concession has its own particular rules. However, there are two basic conditions for the relief - either the taxpayer is a small business entity (SBE) or is a partner of a partnership that is an SBE, or the taxpayer satisfies the maximum net asset value test. If you have any questions, please contact our office .

Small business benchmarks catch out florist

The AAT has recently dismissed an appeal by a florist against the Tax Commissioner's decision to issue income tax and GST assessments following an ATO audit of her florist business.

The taxpayer had reported that the cost of goods sold in her business represented 83% of her reported business income. The ATO had selected the taxpayer for audit because this figure was outside what it considered to be the industry benchmark range of between 44% and 54%.

In this case, the taxpayer was unable, due to a lack of evidence, to prove to the AAT that the assessments were excessive.

TIP: Tax Commissioner has warned that businesses operating outside the relevant benchmarks could be subject to ATO review and/or audit, and where the businesses do not have adequate records to substantiate their performance, the ATO will make a default assessment using the appropriate small business benchmark.

Businesses may want to consider reviewing their record-keeping practices and assess whether they are at risk of an audit. Please contact our office for further information

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