Assistant Treasurer says potential double FBT from foreign income amendments will be addressed

By Tax News Division on March 18, 2010

The Assistant Treasurer says recent media speculation is wrong that the s 23AG foreign income amendments are complex and difficult. [The changes, that have applied since 1 July 2009, amended s 23AG of the ITAA 1936 to remove the exemption from income tax for foreign employment income derived by Australian resident individuals. They were made ...more

All superannuation funds must lodge tax returns, says Tax Office

By Tax News Division on March 18, 2010

Apart from those self-managed super funds (SMSF) specifically not required to lodge a return as per the lodgment program (as explained below), the Tax Office has reminded practitioners that it is compulsory for all Australian resident superannuation funds to lodge an income tax return from their establishment date regardless of their income.
The Tax Office also ...more

ATO back to normal processing of tax returns

By Tax News Division on March 18, 2010

On 2 March 2010, Second Commissioner of Taxation, David Butler, announced that the Tax Office had processed around 1m income tax returns using its new income tax processing system, including all stockpiled returns and returns received up until the end of February 2010. Mr Butler said refunds and assessments have progressively been issuing since mid-February ...more

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Pensions and deeming rate to increase on 20 March

By Tax News Division on March 18, 2010

The Government has announced that, through indexation, there will be an increase in pensions and other income support payments from 20 March 2010. Pension payments will increase by $29.20 a fortnight for singles on the maximum rate, and $44 a fortnight for couples combined on the maximum rate. This means total pension payments for those ...more

Who’s got my tax information?

By Terry Hayes on March 11, 2010

You might be surprised! We all know about Big Brother and the use to which tax information is now put. The ATO’s data-matching activities tap all kinds of sources, but the information flows the other way as well ie from the Tax Office.
 The ATO jealously guards the tax information it receives, although it does share ...more

In-house tax advisers and the new tax agent regime

By Terry Hayes on March 8, 2010

The press has recently carried reports of concerns among in-house tax advisers about how the provisions of the new Tax Agent Services Regime might affect them. The new Tax Practitioners Board has been looking at this issue. It said suggestions had been made that there may be an anomaly in the case of a wholly ...more

Tax and BAS agents must have Professional Indemnity insurance from 1 July 2011

By Tax News Division on March 4, 2010

Dale Boucher, Chair of the Tax Practitioners Board, has announced that from 1 July 2011, registered BAS and tax agents will need to have professional indemnity (PI) insurance coverage.
Mr Boucher said that, while the Board had yet to undertake detailed research and consultations with stakeholders, the overall case for setting an insurance requirement was clear. ...more

Government and ATO release updates on crackdown on tax crime

By Tax News Division on March 4, 2010

The Assistant Treasurer has updated the Government’s action to date on fighting tax crime. Among other things, he noted that:

as at 31 December 2009, tax collections themselves from Wickenby were $160.08m;
as at 31 December 2009, Wickenby had also raised $532.79m in tax liabilities;
as at 31 December 2009, tax collections in subsequent years from people subject ...more

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