Finding client’s correspondence Finding client’s correspondence Editor: The ATO has asked that we (and other professional association) share the following information, regarding their recently published guide on “Finding your client’s correspondence”. This is no doubt thanks to the angst we (and others) have been passing on to them regarding how difficult it has become to keep […]
ATO news
ATOnews ATO news The ATO has advised that, in early October, it began contacting more than 500,00 taxpayers to let them know that their recently submitted tax return are “shipshape”, and will not be subject to further review. The project is aimed at taxpayers with straightforward affairs and taxable incomes under $180,000 The ATO says that […]
Registering a SMSF for an ABN
By Bottrell Group on September 2, 2015 in Australian Tax Office Updates, Interesting Articles, The Bottrell Office
Registering an SMSF for an ABN Gavin: The ATO has provided the following advice regarding registering a SMSF for an ABN. The guidance is probably most relevant where a person aged over 65, who is not working, wishes to set up a new SMSF and roll over into that SMSF an amount from another fund. If […]
Check Out The ATO’s apps plus other online tools
Check Out The ATO’s apps plus other online tools As a result of user feedback, the ATO has improved their ATO Small Business app and it continues to expand in functionality and usability. Check Out The ATO’s apps plus other online tools by visiting the ATO website. The most useful features for small business include: ¨ […]
IGT RELEASES REPORT ON ATO SERVICES FOR TAX PRACTITIONERS
IGT RELEASES REPORT ON ATO SERVICES FOR TAX PRACTITIONERS The Inspector-General of Taxation (IGT), Mr Ali Noroozi, today publicly released the report into Debt Collection by the ATO,which has initiated as a result of the consistent escalation of tax debt and (alleged) unfair recovery actions taken by the ATO. The report also focuses, more broadly, on […]
Case: PSI and the ‘results Test’
Case: PSI and the ‘results Test’ Gavin: It seems the ‘results test’ is a pretty hard barrier to get over. Here’s another example, with some lessons for the average punter. The facts During the 2011/12 income year, the taxpayer company (the company) entered into three agreements with BSI Contracting Pty Ltd (BSI) under which the […]
ATO’s take on allocating profits within professional firms
ATO’s take on allocating profits within professional firms Gavin: at page 10 in the October 2014 edition of Voice, we wrote an article entitled “professional Practices under attack”, they still are! The ATO has now finalised its guidelines and published a document titled “assessing the risk: allocation of profits within professional firms.” The document basically mirrors […]
ANAO review of ATO’s CGT performance
ANAO review of ATO’s CGT performance “Gavin: It would appear that tax agents and taxpayers can expect further scrutiny from the ATO as it begins to ramp up its CGT audit activity.” A report by the Australian national audit office (ANAO) into the effectiveness of the ATO’s handling of CGT for individual and small business […]
Help with paying ATO Debts
Help with paying ATO Debts If you can’t pay your tax on time, you need to talk to us as early as possible so we can work together to find a solution before the debt becomes unmanageable. The ATO will also need to know more about your financial circumstances so we can work with you to […]
Lodge a paper tax return
You can use the paper Tax return for individuals and the Individual tax return instructions to lodge your paper tax return by mail. Most refunds are issued within 50 business days of lodgment. To get your refund faster – in most cases within 12 business days – why not lodge your tax return online this […]
Tax support service for drought affected communities
Tax support service for drought affected communities The government has announced a new service to help drought affected communities manage their tax affairs when times are tough, and has set up a dedicated hotline on 13 11 42. The ATO will work with the Department of Agriculture to identify drought-affected taxpayers, and will provide personalised […]
81 year-old WA pensioner loses $110,000 in tax scam
81 year-old WA pensioner loses $110,000 in tax scam An octogenarian caring for his sick wife has lost $110,000 in a tax scam. WA Consumer Protection says the 81 year-old was duped by scammers pretending to be from the ATO. The man was contacted by people claiming he owed money to the ATO and would […]
Lost super by postcode
The following data provides a breakdown of the lost super by postcode as at 31 December 2014. State Total no. of accounts Value of accounts ACT 22,270 $248,435,330.45 NSW 405,079 $4,212,608,046.21 NT 23,819 $208,096,039.80 QLD 274,790 $2,722,734,421.04 SA 72,238 $680,425,943.04 TAS 22,160 $198,112,427.52 VIC 264,330 $2,736,093,306.68 WA 207,075 $1,518,250,373.92 Total 1,291,761 $12,524,755,888.66* Find out more […]
Notify us of your agricultural land interests
Notify us of your agricultural land interests The Agricultural Land Register collects data on purchases, sales and transfers of agricultural land to increase transparency around foreign investment in Australian agriculture. The register became operational on 1 July 2015. If you are a foreign person or foreign government investor and you have an existing interest in agricultural […]
Reduced penalty period now open for foreign investors
Reduced penalty period now open for foreign investors The ATO are offering reduced penalties for foreign investors who disclose possible breaches of Australia’s foreign investment rules for purchases of Australian real estate. The reduced penalty period (RPP) is only available until 30 November 2015. From 1 December 2015 new criminal and civil penalties will apply. If […]
