GST and property transactions: get it right, says ATO
The ATO has warned taxpayers to make sure they correctly report property transactions (including transfers, sales and purchases) on income tax returns and BASs. In the financial year ended 30 June 2010, the ATO said it conducted 3,250 GST reviews and audits that directly related to property transactions, and subsequently raised net GST liabilities of ...more
ATO Compliance Focus for 2010-11: Micro businesses (turnover under $2m)
The cash economy continues to be a major ATO focus here and it plans to review and audit more than 26,000 micro businesses. Concerns include the use of cash transactions to hide income and evade tax obligations. This includes businesses: paying cash-in-hand wages or treating employees as contractors; skimming some or all of the cash ...more
New tax agent services legislation commenced on Monday 1 March
The Tax Agent Services Act 2009 which implements the new national Tax Agent Services regime commenced on Monday 1 March 2010. The Tax Practitioners Board Chairman, Mr Dale Boucher, reminded tax practitioners of the following transitional arrangements for tax agents: For those who are currently registered as a tax agent, their registration will continue under ...more
SME errors relating to GST and PAYG
The Tax Office has advised of common errors it has come across when reviewing SMEs compliance with GST and PAYG laws. GST errors The ATO noted that, in 2007-08, the industries in the SME sector with the highest number of GST reporting adjustments because of business system risks were: retail trade – accounting for 17% ...more
New Tax Agent Services Regime Starts 1 March 2010
The Assistant Treasurer, Senator Nick Sherry, has today [Thur 26.11.2009] announced that the new tax agent services regime will commence on 1 March 2010. Senator Sherry said industry had approached him and requested a start date slightly later than 1 January to provide more time to prepare for the new regime. “A March 1 commencement ...more
Proposed tax agent regime start date will be a problem for BAS preparers
The proposed 1 January 2010 starting date for the New Tax Agent Services Act will mean tens of thousands of bookkeepers will be operating illegally and may be subject to civil penalties without an education and communication blitz, according to the National Institute of Accountants (NIA). The NIA says a significant number of bookkeepers are ...more
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