New online form to find lost super
The Assistant Treasurer has announced that the Tax Office would develop an electronic form for lost superannuation accounts to make finding lost super easier. The new electronic form will allow fund members with lost super to request their benefits be transferred through a portal on the ATO website, making it simpler and easier for people ...more
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
Superannuation non-compliance: ATO targets accountants and others
The ATO has announced that it is conducting an education and compliance campaign targeting “high-risk” industries that do not pay superannuation to their workers. The high-risk industries identified by the Tax Office in this regard are: accommodation (housekeepers, receptionists, hotel staff); accounting (accountants, accounting clerks); computer system design and related services (software and applications programmers ...more
Closely held trusts must report correct Tax File Number and beneficiary details
The ATO has said it will soon issue its 1st round of letters to trustees of closely held trusts who have lodged their 2010 trust tax returns where the beneficiary’s TFN or other details could not be matched to the ATO’s records, or where the trustee did not include a beneficiary’s TFN in the 2010 ...more
Online selling: ATO data-matches with eBay and Trading Post
Under a new data-matching program (details of which were gazetted on 28 July 2010 in Commonwealth Gazette No GN29), the ATO says it has obtained data from eBay Australia and Trading Post Australia to assess the level of taxation compliance of individuals and businesses that sell goods or services online. The data identifies members of ...more
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