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Tax News

Do You Operate Through a Trust?

June 13, 2010
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The Australian Taxation Office has released a Taxation Ruling – Division 7A Loans: Trust Entitlements.  The ruling expresses the Commissioner of Taxation’s opinion on the circumstances in which a private company with a “present entitlement to an amount from an associated trust”, makes a loan to that trust in circumstances where funds representing that present [...]

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ATO Extends Data Matching

April 7, 2010
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The Tax Office is continuing its efforts to catch out businesses pocketing cash off the books. A year ago now, I posted that the data matching program had expanded to cover RTA records among other things. Now the  program has extend its reach again with the introduction of two new initiatives.

 The program now includes data from banks that identify [...]

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Payment Summary Reporting Obligations

March 21, 2010

Just a reminder that new payment summary reporting obligations have been introduced as a result of the recent income test reforms.
An employer who makes Reportable Employer Superannuation Contributions (RESC) on behalf of an employee is required to disclose the total amount on the employee’s payment summary for the year. This commenced 1 July 2009 so [...]

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Consider FBT This Festive Season

November 16, 2009

The Tax Office is reminding businesses that while staff Christmas parties can attract fringe benefits tax (FBT) there may be exemptions available depending on the venue and cost per employee.
There are two main exemptions to FBT that could apply to Christmas parties – exempt property benefits and exempt minor benefits.
Exempt property benefits:

Christmas party costs include [...]

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Changes to Private Health Rebate Defeated

September 10, 2009

A federal government plan to means test the rebate for private health insurance has been defeated in the Senate.
Labor wanted to means test the popular 30 per cent rebate for individuals earning more than $75,000 a year and couples earning more than $150,000 a year. Its legislation would also have hit the wealthy with a [...]

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Separated Parents Need to Lodge Tax Promptly

September 8, 2009

Separated parents could find themselves in danger of not paying the right amount of support for their kids if they don’t submit their tax returns on time.
Child support assessments are calculated using both parents’ income details, along with the age of their children and the level of care each parent provides.
This means it’s important for [...]

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Education Tax Refund Calculator

August 24, 2009

The Tax Office sure are fond of online calculators. The latest addition to the ATO’s online toolbox is the Education Tax Refund Calulator.
The Education Tax Refund (ETR) is available to you whether or not you are required to lodge a full tax return – it’s a refundable tax rebate.  
If you’re eligible, you can claim back certain education costs [...]

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Dodgy Tax Schemes Can Come Back To Bite You

August 20, 2009

At tax time it pays to be extra cautious when handing over your tax details or entering into any tax related schemes. Dodgy tax schemes and scams are becoming more sophisticated and can come back to bite you.
Promoters of dodgy investment schemes take advantage of tax time by promising investors high returns or generous tax [...]

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Greater Certainty for Taxpayers Using Public Binding Advice

August 10, 2009

 
The Assistant Treasurer, Senator Nick Sherry, has today released the Inspector-General of Taxation’s (IGT) report on the Review of the Tax Office’s administration of public binding advice.
Public binding advice is a type of Australian Taxation Office (ATO) ruling, which is published and which sets out in a binding manner the ATO’s position on how it [...]

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Tax-Time Warning on Doorknock Scam

August 10, 2009

The Assistant Treasurer, Senator Nick Sherry, is warning Australians of a suspected door-to-door scam by people claiming to be consultants from the Tax Office.
The bogus consultants ask people to sign up to a supposed Government program promising financial incentives, including a reduction in taxes.
“The offer is a fraud – the Tax Office does not participate [...]

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Action to Reform Tax Treatment of Special Disability Trusts

August 5, 2009

The Assistant Treasurer, Senator Nick Sherry, has today released a consultation paper on proposed reforms to the tax treatment of special disability trusts to ease the financial burden on people with disabilities as well as their carers and families.
The proposed reforms were announced in the 2009-10 Budget.
In the 2009-10 Budget, the Government announced it would: [...]

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Beware of unregistered tax preparers posing as tax agents

June 30, 2009

The Tax Office is suggesting people using a tax agent to prepare their tax return this year check they are registered. Otherwise you could find yourself with a large tax bill or worse, facing penalties.
Only a registered tax agent can charge a fee to prepare and lodge your tax return. Unfortunately there are some people out there [...]

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More ATO Data Matching

June 22, 2009

The Tax Office has released details of three data matching projects it will carry out. Information collected from the projects will be electronically matched with ATO records to identify non-compliance with lodgement and payment obligations.
 
Motor Vehicles
The ATO will request and collect details of individuals and entities that have acquired a motor vehicle valued at $10,000 [...]

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Warning: 30% tax discount email scam

June 21, 2009

The Tax Office is warning people to be wary of a fraudulent email being circulated that claims to offer a 30% discount on their taxes.
The email uses the Tax Office logo and the words ‘Cut Off Taxes Program (COTP) has been released – Join Now’ in the subject heading and the following text:
Cut Off Taxes [...]

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What’s New for Individual Taxpayers in 2009

June 12, 2009

There have been some tax changes over the past year which may affect you. I have posted about most of these as they were announced, but with tax-time looming already it seems a good time for a quick recap.
Education tax refund
The education tax refund allows eligible parents to claim a refund on some
education expenses incurred on [...]

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