Shark alert near dead humpback

A juvenile humpback whale has died after beaching on Cable Beach near Albany.                                                                                                                                   

The 7m whale was found on the beach about noon on Sunday.

Albany Department of Environment and Conservation officer Peter Collins said there was nothing the department could do to help it back out to sea.

“There was limited access to the area where it was beached and the whale was lodged behind the reef,” Mr Collins said.

“It probably weighed around five or six tonnes and, unfortunately, we couldn’t do anything.”

Mr Collins said whale had been badly “scratched up” by the reef but otherwise, at least on the surface, seemed in good condition.

He said that there were no plans to move it as it was believed the current would eventually shift it out into the ocean.

“The public are welcome to go have a look at it but remember, dead whales attract sharks,” Mr Collins said.

“So I would warn anyone against swimming at Cable Beach for a while.”

Source  :  www.thewest.com.au

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ATO warns SMSFs to keep deals at arm’s length

The Australian Tax Office has issued a warning to self-managed super funds (SMSFs) about people offering to set up agreements between funds and related parties to purchase assets, particularly properties.

Tax Commissioner Michael D’Ascenzo says he’s concerned some of the arrangements on offer breach the in-house asset rules.

“These arrangements use a paid third party to set up an agreement, sometimes referred to as ‘a joint venture agreement’, between the fund and a related trust to purchase an asset that provides income for the trust and the fund,” D’Ascenzo says.

“This is clearly an attempt to circumvent the in-house asset rules as the transaction is really an investment by the SMSF in the related trust.”

“This alert serves as a timely reminder to trustees that we’re looking closely at SMSFs to ensure they’re meeting their obligations in relation to loans, in-house assets, borrowings and non-arm’s length transactions.”

The Taxpayer Alert (2009/16) on this issue is available from the Tax Office website at www.ato.gov.au/atp.

Source  :  www.apimagazine.com.au

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