Tax News

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 ...

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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. ...

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Consider FBT This Festive Season

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 ...

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Changes to Private Health Rebate Defeated

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 ...

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Separated Parents Need to Lodge Tax Promptly

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 ...

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Education Tax Refund Calculator

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, ...

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Dodgy Tax Schemes Can Come Back To Bite You

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 ...

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Greater Certainty for Taxpayers Using Public Binding Advice

  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 ...

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Tax-Time Warning on Doorknock Scam

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 ...

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Action to Reform Tax Treatment of Special Disability Trusts

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 ...

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Beware of unregistered tax preparers posing as tax agents

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 ...

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