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Welcome to the November issue of Lendcorp News. In this Issue
In Other News Are you SIGNING a piece of paper to help your partner buy a car? What to consider
We Finance: New Cars
LENDCORP FINANCE Esanda Finance
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WELCOME to November 2007 edition of 'Lendcorp Finance News'. This months edition, we cover Beat the Interest Rate Increase, information on government incentives to grow your business, some news from the Tax Department and an article on a Self Driving Car. We hope you find the articles covered interesting and if you would like any other issues covered, drop us a line at sales@lendcorpfinance.com.au.
Kind regards
With the upward trend of interest rates, if you are planning to purchase a vehicle, heavy equipment, caravan or boat "NOW " is the time to buy. Our lenders interest rates are fixed and will not vary. Consider purchasing now before interest rates are increased. For further information contact one of our brokers or contact us. A financial incentives scheme to help drive the future growth of Queensland has been announced by Regional Development and Industry Minister, Desley Boyle. Business and Industry Transformation Incentives will replace a number of existing business grants, including the Queensland Industry Development Scheme or QIDS. The minimum incentive under the new scheme was lifted from $5,000 to $30,000 and the maximum from $50,000 to $250,000. These new incentives will target small-to-medium enterprises operating within Queensland's priority industry sectors. They will be geared toward funding projects which have the potential to be transformational or projects that assist the business receiving the incentives to grow in size or diversity. Business owners can contact their local state development centre on 1300 363 711 for more information. The Commissioner of Taxation, Michael D'Ascenzo advised that the ATO would be producing a booklet setting out what attacts its attention, what the ATO considers to be a risk, and details of its information collection and compliance process. He also said the ATO was allocating more resources to monitor the tax affairs of around 1,100 high-wealth individuals - people who effectively control $30 million or more in net wealth. The ATO will also be reviewing the tax affairs of people with salaried income of more than $1 million and people whose lifestyles are out of step with their reported income. The commissioner also stated that they will be developing industry benchmarks for some people and industries where there is a high volume of cash transactions, they will work with industry organisations in determining these benchmarks.
And the winner is..................... A US military sponsored contest to "find the best self-driving robotic car" has been won by General Motors. The self-driving car may be on the road as early as 2015. The car is equiped with radar, lasers, sensors and GPS, navigated a 100 klm urban course without any human input.
FBT Excemption on Office Christmas Party On the Christmas spirit side of things..................... Employers using the FBT accounting can now spend up to $300 on each staff member at the Christmas party this year, before incurring a FBT tax liability. The fringe benefit threshold went up from $100 to $299 as of 1 April this year. This exception only applies to companies that use FBT accounting rather than the 50:50 method. There is also the option of a Christmas party on the premises. If you hold your Christmas party at the workplace and provide food and drinks, you will be FBT exempt, regardless of what you spend.
That's all for this month's edition. In closing, we hope you have enjoyed this newsletter and look forward to some feedback
Lendcorp Finance
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