The Centralian advocate Tue 3 Jul 2007
Centralian Advocate; NewspaperNT
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Community newspapers -- Northern Territory -- Alice Springs; Tennant Creek (N.T.) -- Newspapers; Alice Springs (N.T.) -- Newspapers.; Australia, Central -- Newspapers
Nationwide News Pty. Limited
v. 61 no. 12
Copyright. Made available by the publisher under licence.
Nationwide News Pty. Limited
12 Centralian Advocate, Tuesday, July 3, 2007 PU B : C A D V D A T E : 3-JU L -2007 PA G E : 12 C O L O R : C M Y K business in the centre www.nt.gov.au/business BUSINESS & FINANCE Partners join in oil hunt Daniel Burdon A JUNIOR gas and petroleum exploration company has just signed a major agreement with two major investment companies. Signing with Advent Energy, Central Petroleum (CTP) will farm out the drilling of up to 54 wells and production of $54 million worth of seismic data at 40 per cent of the entire cost, with Advent earning 20 per cent interest in all petroleum pools drilled through the farm-out works. CTP holds the permits to 18 EPAs, five of which were granted this week. Advent will also receive a 20 per cent interest in all underlying permits once granted. Central Petroleums potential permit suite includes 18 permits through the Pedirka Basin and some in the western Amadeus Basin. An MOU with Petroleum Exploration Australia (PXA), which is a similar agreement to Advents, is also being progressed into a formal farm-out agreement between the two companies. CTP plans to drill at least three holes in the second half of this year, and conduct 1000 line kilometres of seismic research. Taxing deceased estates ESTATE planning is an issue that often does not receive sufficient attention in the management of peoples tax affairs. The death of a person will have implications for: An executor or administrator of the estate of the deceased, People who jointly owned assets with the deceased person, and Beneficiaries under the will of the deceased person. A deceased estate is the property and assets that belonged to the deceased at the time of their death. These assets are held in trust from death until transferred to the beneficiaries. There are a number of issues that may need to be addressed for a deceased estate, including: Capital Gains Tax Division 7A Family Trust Elec tions Depreciation Trading Stock Superannuation GST Impact of business structures. Each of these issues is complex and we will focus on the Capital Gains Tax issues. You should speak to your tax professional for further advice on CGT or any of the other issues related to a deceased estate. One critical piece of information that will be required is to determine when the deceased acquired the asset in order to work out what the cost base of the asset will be in the hands of the beneficiary. This would apply for example where the deceased held listed shares. If the asset was acquired by the deceased before September 20, 1985, the beneficiarys cost base will be the market value at the date of death. However, if the asset was acquired after 19 September 19, 1985, the beneficiarys cost base will be the cost base at the date of death. Deceased estates and succession planning are often regarded as an area of expertise of legal professionals, but there are also many taxation implications to consider. Therefore, contacting your tax professional should be seen as an important part of considering your succession planning options. This article is of a general nature only and is not intended to be relied upon as specific professional advice. Tanya Kirker CA is a Director of Horwath Alice Springs, Chartered Accountants and Business Advisors. Job program wins support Noella Ross and Josephine Kenny are two Amoonguna women who are undertaking training to lift their skills. Picture: CHLOE ERLICH Daniel Burdon A TRAINING program preparing indigenous people for the job market at Amoonguna is kicking goals, according to the facilitators involved. The program, run by JET employment and training services in collaboration with Centacare, works with indigenous residents of the community to develop confidence, goals and objectives in both home life and working life. It has seen unemployed people gain selfesteem and the will to improve not only their lives, but those of their family and community. Program deliverer Judith Kuerschner said: Its about upskilling and training some people, while with others who have the skills, building the confidence and inter est to explore new futures. One of the programs participants, 38-yearold Noella Ross, has two teenage boys and is caring for her niece. Her husband is a renal patient at the community. A busy mother and family member, Noella still looks to the future this August, she will begin a Certificate II in early childhood education. Nineteen-year-old Josephine Kenny is learning to use computers, to help her to enter the job market this year. She said she was not sure what she wants to do with the skills, but has a few ideas. Amoonguna Centacare case worker Donna Newton said: Once they take the first step, they can take control of their lives. Now they have the confidence to try something new. She said the program teaches indigenous people to support their culture while entering the workforce. We shouldnt be here they should be able to do this for themselves, but in time theyll learn to take on our roles, so they can be self-sufficient. Backing for business ITS that time of year again time for the excitement and entertainment of the Alice Springs Show. The Department of Business, Economic and Regional Development will focus on how DBERD can help small businesses at this years show. Based on agricultural produce, livestock and craft, the Alice Springs Show includes business displays, competitions, arts and crafts and, of course, sideshow alley. This year the Department of Business, Economic and Regional Development (DBERD) show stand will be focusing on how DBERD can help homebased and small businesses. The DBERD show stand has been designed to represent a home in two sections. One section is a 3D version of a 1960s retro-style kitchen that showcases a home-based business and the other section is the tray back of a ute. The ute is designed to show that, even though tradesmen work away from home, they are still a home-based business because the administration of the business is done from home. Interactive components include a computer which is available for people to access the online Business Information Kits and the Planning Scheme Business Information Finder. The easy-to-use Business Information Kits provide current and comprehensive information across all levels of government relating to a specific business activity. The Home-based Business Information Kit provides essential information designed to help you with every stage of business development from starting a business, growing a business or moving the business out of the home. The online Food Business Information Kit is designed to provide all the necessary information needed to start and run a successful food retail or wholesale business in the Northern Territory. The Manufacturing Business Information Kit contains a checklist of things you may need to do to start a manufacturing business in the Northern Territory. The online Tourism Business Information Kit provides comprehensive information about starting and running a tourism business, including business planning, business structure, location and planning approval, insurance, transport and accreditations and awards. The Planning Scheme Business Information Finder can tell you the zoning and planning rules for your location. It provides you with a tailored report that includes information about properties that are covered by the Northern Territory Planning Scheme. It also give gives details of the zoning of your property and whether your activity is permitted, discretionary or prohibited. If your activity is permitted or discretionary, the report also provides information about any conditions or requirements you must comply with. Make sure you visit the DBERD show stand and speak to the friendly staff about your business ideas or home-based business issues.
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