From the category archives:

Taxation

Tax Refund Processing Times

July 29, 2010
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The ATO have released the following information concerning processing times for tax returns this year: 
As at 26 July 2010, the ATO had issued more than 942,000 notices of assessment, including approximately 830,000 refunds.
At the end of every financial year, the ATO goes though the process of updating its software, mainly to take account of any [...]

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Payment Summary Problems

July 15, 2010
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Check your Payment Summary.
As we see more and people for income tax returns, we’re also coming accross a disturbing number Payment Summary miscalculations and items included under the wrong labels.
New label confusing employers
The most common error on Payment Summaries we are seeing this year seems to revolve around the new item, Reportable Employer Super Contributions (RESC).
A number [...]

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Beware of Unregistered Tax Agents

June 26, 2010
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With tax time approaching fast, the Tax Office are reminding taxpayers to be wary of unregistered preparers.
If you are planning to pay someone to help you prepare and lodge your tax return you need to check they are a registered tax agent.
If you are unsure whether they are a registered tax agent, you can ask [...]

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Low Income Tax Offset for 2010

June 16, 2010
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For whatever reason, “low income tax offset” has been the most commonly searched for phrase on our main site and blog since they both began in 2007. 
So, what is it? Well, it’s a non-refundable tax offset. This means it can reduce your tax liability (sometimes to zero) but you won’t receive a refund of any unused portion. [...]

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Medicare Levy Low Income Thresholds for 2010

June 16, 2010
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The rate of the Medicare levy is 1.5% of taxable income.  In some cases, you may be exempt from the medicare levy or eligible for a reduction based on family income.
The Medicare Levy is not payable (or is payable at reduced rates) by individuals and families on low incomes and by certain pensioners.
Individuals
The 2009-10 Medicare [...]

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Personal Income Tax Rates for 2010

June 16, 2010
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As we head into the new financial year, I’ll be posting some of the most commonly searched for tax titbits… rates, rebates, deductions, etc.
When it comes to personal tax thresholds, the table you will use depends on whether you are considered a “resident for tax purposes” or not.

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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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Investment Decisions – do your research!

June 10, 2010
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Are you considering s tax-effective investment? It’s important you have all the facts to make an informed decision.
Some investments offer tax benefits such as reducing assessable income or increasing deductions, but end up being outside the law.  You can check with the ATO to ensure promised tax benefits will be available.
Find out as much as [...]

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NSW Payroll Tax Changes

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The NSW Treasurer has announced changes to Payroll Tax as part of the 2010 State Budget.

From 1 July 2010, the payroll tax rate will reduce from 5.65 per cent to 5.50 per cent.
From 1 January 2011, the payroll tax rate will reduce from 5.50 per cent to 5.45 per cent.
From 1 July 2010, an exemption [...]

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The New Income Tests – will you still get your rebate?

June 1, 2010
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As you’re  probably aware, there have been some changes to income tests which affect your eligibility to certain tax rebates and government benefits. We now have to get used to terms like ‘adjusted taxable income’, ‘rebate income’ and  ‘income for surcharge purposes’.
But wait, there’s more…  the income tests for HELP amd SFSS repayments, Mature Age Worker Tax Offset [...]

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Did you enter a GIC-free arrangement?

May 1, 2010

In June 2009 the Australian Taxation Office introduced new measures for small businesses, which included 12-month general interest charge (GIC) free payment arrangements. It is important that businesses who have taken up this offer comply with the terms of their arrangement. If you have entered into a 12-month GIC free payment arrangement, be sure to make all of your payments [...]

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Planning for 2010/11- Action Prior to 30 June

April 24, 2010
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In the months of April, May and June it is a great time to undertake planning for what you hope to achieve in your business during the following financial year. Items that could be considered include:

Input from team members on operational issues
Are regular team meetings held?
Identification of teams or sections within the business, preferably in [...]

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Tax Planning – Action Prior to 30 June

April 22, 2010
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Traditionally at this time of year we begin interim work with our clients and review tax planning strategies.
Ideally, tax planning is not a one-off event. Today, more than ever, taxation is not just a statutory duty… it is a critical part of any wealth strategy. If you are in business,  taxation should never simply be about what you have [...]

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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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