Super guarantee: Tax Office targeting high-risk industries
The Tax Office has indicated that its superannuation guarantee high-risk industry project will target the accounting services, computer system design and accommodation industries with a marketing and education campaign from October 2010. According to the Tax Office, these industries have been identified as “at risk” of not meeting their superannuation guarantee (SG) obligations due a ...more
All superannuation funds must lodge tax returns, says Tax Office
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 ...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
ATO to Contact Tax Practitioners Regarding Div 7A Loans and PAYG Instalments
The Tax Office has advised that, during December 2009, it will send letters to selected tax practitioners who have business clients with an annual turnover of $2m to $250m. The letters will include information about a debit loan with shareholders or shareholders’ associates. According to the ATO, the letters seek to help practitioners and their ...more
TOFA and PAYG instalments
The Tax Office has released details of its administrative treatment regarding the Government’s proposed amendments to restore the position in relation to the PAYG instalments system as it was prior to TOFA 3 & 4. The amendments are included in Tax Laws Amendment (2009 Measures No 5) Bill 2009 which was introduced into the House of Reps ...more
2009 PAYG withholding payment summary annual report – lodgment concession
The Tax Office has reminded tax agents that they now have until 30 November 2009 (previously 15 September) to notify it of any additional clients requiring the 2009 PAYG withholding payment summary annual report lodgment concession. The Tax Office says it will not process requests received after this date and tax agents will receive a ...more
TOFA amendments Draft legislation on PAYG and TOFA interaction
On 4 September 2009, the Assistant Treasurer announced details of a number of amendments to the income tax law relating to the Taxation of Financial Arrangements (TOFA): see 2009 WTB 37 [1724]. Senator Sherry said one particular area where the Government will be immediately introducing and seeking to pass changes in the current Spring 2009 ...more
Watch That Cash Flow
Source: The Australian, June 26 2009
Small-business owners watching their income steadily shrink this year are likely worrying that they could end up paying too much tax when the quarterly pay-as-you-go instalments become due next month.
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Tax & Accounting Insight delivers best practices’ insights from leading tax & accounting experts and publications in Australia as well as Tax & Accounting resources and news to help professionals keep up-to-date on major industry issues.
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