Author: Sarah Wallace
Default assessments for non-lodgers
In December 2011, the ATO sent default assessment warning letters to taxpayers who have overdue income tax returns where there was evidence they received taxable income in the relevant financial years. These letters were titled ‘default assessment warnings’ and are part of their ongoing work to address non-lodgement. If the overdue returns are not lodged immediately,...
ATO crack downs
The ATO is under pressure to recover lost ground after relaxing its position during the global financial crisis. One of the areas it intends to improve revenue is by targeting contractors. The ATO has warned that it plans to use information from labour hire firms and increased auditing in attempt to improve compliance for contactors...
Small business depreciation rules
The Government recently released exposure draft legislation proposing to make several tax law amendments in relation to depreciation rules for small business. The proposed amendments will apply to small businesses that have an annual turnover of less than $2 million for an income year from the 2012- 2013 income tax year. Whilst these changes sound positive and...
Contributing to superannuation
There are limits on the amount you can contribute to super each financial year that are concessionally taxed. There are two types of contributions and the limits are different for both. These are referred to as concessional and non-concessional contributions. Any super contribution over the cap amount is subject to additional tax. If you are looking...
Late returns
During December 2011, the ATO issued default assessment warning letters to a number of taxpayers with overdue 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. These letters are titled ‘default assessment warning’ and are part...
Tax Focus – GST Debt
Taxpayers that are finding it difficult to meet their GST obligations on time should be contacting the ATO as early as possible. The ATO are in the process of conducting a range of activities aimed at addressing debt including: • focusing on taxpayers who have a GST debt that is older than two years; • ...