Tax in UK and Australia

In today’s Federal Budget the Australian Government has announced more details of its reform to the Living Away From Home Allowance regime.

For many years UK businesses that have ceased to trade have had the opportunity to make use of a concessional tax treatment that allows them to be wound up and struck off the records at Companies House with minimal cost – the so called ESC C16 strategy.

The Federal Treasurer in Australia has announced a consultation period in anticipation of what are expected to be significant changes to the Living Away From Home Allowance – or LAFHA – from 1st July, 2012.

The 31/10/2011 deadline for lodging a 2011 personal UK tax return on paper has now passed. This means that all who are required to submit a 2011 UK return must now work towards the deadline for lodging the return electronically – 31/01/2012.

In the absence of an appointed tax agent Australian Tax Returns are to be submitted to the Australian Taxation Office by 31st October following the end of the tax year – which means that 2011 Australian Tax Returns must be submitted before next Monday.