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Many organizations are converting to international financial reporting standards, as the last date for its introduction is January 1 2005. As a law, all Australian reporting entities have to report under international financial reporting system and have to ensure that they have adequate training and resources, senior management support, constant communication and time.

Various cases from the courts regarding whether tax payers who are husband and wife were entitled to receive deduction for compound interest on a split loan taken to purchase a new family home are discussed. Various tax benefits of superannuation are listed.

TD2003/04 has many rules and practitioners must carefully scrutinize it to get a clue of its complexity. Various sections of TD2003/04 applicable to different categories of individuals are explained.

The impact of the new rules under the International Financial Reporting Standards in Australia on intangible assets like the reporting of entities and the requirement of intangible assets to be taken out from companyEs balance sheets is discussed. The International Accounting Standards Board Proposal has a significant impact in Australia, as there is currently no accounting standard in Australia that addresses accounting treatment of intangible assets.

The Effective Tax Structure module is a comprehensive guide to choose the right structure and has up-to-date coverage of options and issues in the latest developments in taxation. The various areas and key issues covered by the module are listed.

The risk attached to the cash flow in the return premium obtained when one makes property investment. It is suggested that to reduce the letting-up period, one can invest in a generic and affordable property, to lower the risks and accept a lower rate of return.