ATO alerts tax agents in relation to overdue client lodgments
The ATO has advised that on 23 February 2011, it began sending letters titled “Lodgment alert for your clients’ overdue documents” to most tax agents, highlighting clients (other than large businesses and super funds) with overdue lodgment obligations. Each letter lists the companies, trusts, partnerships and individual clients with either of the following: overdue income tax ...more
Foreign employment income issues – lodgement of tax returns and FBT issues
The Assistant Treasurer has announced details of the procedures relating to the lodgment of tax returns by Australians working overseas and certain FBT arrangements. This announcement follows changes that have applied since 1 July 2009 which amended s23AG of the ITAA 1936 to remove the exemption from income tax for foreign employment income derived by ...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
ATO back to normal processing of tax returns
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
Government and ATO release updates on crackdown on tax crime
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 ...more
Reminder: individual tax rates from 1 July 2009
The resident individual tax rates will change for the 2009/10 income year.
Tax bonus payment options
The Tax Office has released detailed instructions for tax practitioners on how to advise the Tax Office of their clients’ preferred option for receiving the tax bonus via the tax agent portal secure mail facility.
Tax agents, tax bonus & lodgement deferrals
The Tax Office says that legislation to support the tax bonus payments is due to receive Royal Assent soon. The Commissioner has announced that, after passage of the legislation, but prior to Royal Assent, he will defer certain lodgments to assist with unexpected misfortune and tax agent workloads.
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