News & Reviews
“The Report” – Budget Edition June to July 2012
Date posted: Monday, January 21, 2013
ATO targets disclosure of foreign sources of income Following recent compliance activities that have been conducted, the ATO says many Australian resident taxpayers may not be aware of their Australian taxation obligations in relation to their worldwide income. The ATO has reminded taxpayers to correctly report foreign sources of income when required. Examples of foreign […]
Read more about “The Report” – Budget Edition June to July 2012“The Report ” October to November 2011
Date posted: Monday, January 21, 2013
Cash economy still on ATO’s radar The ATO has maintained a focus on its compliance activities in relation to small business performance benchmarking and the cash economy. In a recent speech, the Commissioner of Taxation said businesses outside the relevant benchmarks are subject to ATO review and/or audit. Where businesses do not have adequate records […]
Read more about “The Report ” October to November 2011“The Report” October to November 2012
Date posted: Thursday, November 1, 2012
New company loss carry-back regime The Government intends to introduce a company loss carry-back regime and has released draft legislation for public consultation. Under the proposal, which will have effect from 1 July 2012, companies will be able to carry back up to $1 million worth of losses to obtain a refund of tax paid […]
Read more about “The Report” October to November 2012“The Report” August to September 2012
Date posted: Saturday, September 1, 2012
ATO data-matching programs The ATO has revealed details of two new data-matching programs aimed at identifying tax non-compliance. These will affect individual taxpayers. The ATO has advised that it will collect share transaction details from various organisations relating to securities held in ASX-listed entities. The details will be electronically matched with ATO data holdings. Areas […]
Read more about “The Report” August to September 2012