New reporting system for building & construction industry
As from the July 2012, businesses in the building and construction industry will be required to complete the Taxable Payments annual report.
ATO Small business benchmarking results
To find out how your business compares to others in your industry, check out the ATO Small Business Benchmarks for the previous financial year.....
Are you finding it difficult to meet your GST obligations on time?
Tax payers that are finding it difficult to meet their GST obligations on time should be contactying the ATO as early as possible....
Late income tax returns 2011
During December 2011, the ATO issued default assessment warning letters a number of taxpayers with over¬due income tax returns. These have been sent where the ATO has evidence that these taxpayers have received taxable income in years that taxation returns have not been lodged.
Tax evasion alert
Do you have concerns abouth your tax affairs? Did you know that in 2010/2011 financial year there were over 1,518 tax fraud convictions, with fines totalling more than $7 Million!
Is your business benchmarked?
The Australian Tax Office has added over 100 industries to their small business bechmarks, including the latest income tax and activity statement information. Use the benchmarks to check how your business is performing. Benchmarks are used by the tax office to detect businesses that may be avoiding paying their fair share of tax.
Post before the due date
Allow sufficient time for your Activity Statement to arrive by the due date.
PAYG annual instalment advice
If you are eligible to pay your instalment annually, and you decide to take this option, don't forget to advise the tax department prior to the end of the first quarter. For more information...
Are you eligible to claim the Education Tax Refund?
For more information, refer to the ATO websites 'Education Tax Refund Essentials' and claim everthing your intitled to.
End of year tax tips 2011
Do you have a net gain or loss on the sale of shares, property or investments during the 2010/2011 financial year? Then Capital Gains Tax may apply.....
Letter from ATO Commissioner regarding delays of processing your tax returns
The Commissioner has issued a letter to people who may have been impacted by delays in receiving their tax refunds since 1 July 2010. Please read a copy of this letter
ATO processing of 2010 tax returns slow in July
The ATO has issued a statement regarding the processing of 2010 tax returns for July and the beginning of August. They have told us that....
Make sure you are able to substantiate your Work Related Expenses claims this year.
I was talking to a Tax Office...er Officer recently, and he advised the ATO would be coming down this way this year and looking closely at the claims people make in their Work Related Expenses section of their tax return.
Do you have income or assets offshore?
Some Australian Residents don't realise that they must include overseas income and the profits from the sale of any assets in their Australian income tax returns.
Tax Tips for Property Owners
Tips to help you save tax if you have an investment property or 6.
Budget 2010
Treasurer Wayne Swan presented the 2010 Budget, with very few additional changes to the tax system that had already been previously announced.