ATO warns tax agents to watch out for fraudulent payment summaries
The ATO has warned tax agents that, with an increase in the lodgment of income tax returns between July and September, they may be approached to unknowingly lodge fraudulent income tax returns on behalf of clients using false payment summaries. The ATO says these payment summaries are often realistic copies of a genuine payment summary ...more
Tax assistance for those affected by natural disasters ending
The ATO has issued an update on its assistance program for those affected by natural disasters. The previous assistance program which provided automatic lodgment deferrals for a variety of tax obligations will no longer apply. However, deferrals which have already been granted will continue to apply. The Commissioner has stated that the ATO will take ...more
NTAA to establish a new financial planners' association
The NTAA (National Tax & Accountants’ Association Ltd) has announced that it is launching a new NTAA Financial Planners’ Association “to aggressively take back ground that tax agents and accountants have lost to the financial planning industry over the last few years”. Members of the new Association will need to be qualified as financial planners ...more
ATO to send letters to 110,000 cash economy participants
The ATO says that, this financial year, it will send around 110,000 letters to taxpayers who it believes may be participating in the cash economy. The majority of letters will be sent to businesses reporting outside the small business benchmarks for their industry. The ATO will write to tax agents of business taxpayers identified to ...more
ATO Compliance Focus for 2010-11: Tax agents
There are about 26,000 registered tax agents who lodge around 73% of income tax returns for individuals and more than 95% of business tax returns. The ATO says that this year, it will place particular emphasis on delivering relevant information electronically and providing timely advice to agents on emerging issues of concern. During 2009-10, some ...more
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