Thursday, March 7, 2013
No splitting of rental income for couple The Administrative Appeals Tribunal (AAT) has refused a husband’s argument that he could split his rental income with his (now estranged) wife even though the commercial property was registered under his name only. The taxpayer had lodged tax returns on the basis that the property was shared equally […]
Read More >Wednesday, February 13, 2013
Mini-budget tightens fringe benefits, health rebates and more The Government’s mid-year budget update was handed down in late October 2012. The Treasurer revised down the expected Budget underlying cash surplus to $1.1 billion for 2012–2013 – down from $1.5 billion estimated in the May 2012 Budget. The Government did not announce anticipated changes to claw-back superannuation […]
Read More >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 >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 >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 >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 >Wednesday, September 7, 2011
Tax Office announces compliance focus areas The Commissioner of Taxation has released the Australian Taxation Office’s compliance program for the 2011–12 financial year. Under the program, the Australian Taxation Office (ATO) plans to enhance its tax fraud detection and management strategies, concentrate on sham contracting arrangements and continue its extensive data matching and risk profiling […]
Read More >Monday, March 7, 2011
Temporary Flood Levy Proposed The Prime Minister, Julia Gillard, has proposed a temporary flood levy for individual taxpayers to help raise revenue to fund the reconstruction cost for areas of Queensland and elsewhere which were affected by severe flood damage earlier this year. The flood levy is proposed to apply for one financial year from […]
Read More >
Roseby Rosner & Young is a Certified
Practicing Account
Receive the latest Tax Updates newsletter,
news and event information.