Hundreds of tax cheats convicted

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In the last quarter, 465 individuals and companies were convicted for tax and superannuation criminal offences resulting in over $1.56 million in fines and penalties. “The ATO pursues tax cheats... Read more continue reading

Time running out to lodge tax

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Do your clients prepare their own tax return? If so, they only have a week until the 31 October lodgment deadline. “I urge anyone worried about not meeting the deadline to... Read more continue reading

ATO: take care what you declare!

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So far this tax time the ATO has already stopped 58,000 income tax returns containing suspected over claimed or fraudulent refunds. “Each year our ability to match data gets better,... Read more continue reading

No escape for tax cheats

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Two thousand individuals and companies were successfully prosecuted for fraud, tax and superannuation offences in the 2011-12 financial year. “Tax cheats are trying to get an unfair advantage, adding to... Read more continue reading

ATO warns of sophisticated structured financial products

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The Australian Tax Office today released a taxpayer alert warning people to be cautious about sophisticated structured financial products that claim to offer franking credits and other tax benefits. “These... Read more continue reading

ATO prosecutes 1,500 for tax & superannuation offences

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The Australian Taxation Office’s (ATO) prosecution of more than 1,500 people for tax and superannuation offences sends a clear warning to tax cheats that they can expect to be caught.... Read more continue reading

Draft SMSF Ruling – limited recourse borrowing arrangements

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The ATO has recently issued draft SMSF Ruling SMSFR 2011/D1 – Self Managed Superannuation Funds: limited recourse borrowing arrangements – application of key concepts. This draft ruling explains important concepts... Read more continue reading

478 Prosecutions: do the crime, face the consequences says ATO

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Acting Tax Commissioner Jennie Granger today reminded the community that the ATO is continuing its focus on those who do the wrong thing. “Those who are caught face extremely serious... Read more continue reading

ATO addressing cash economy

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One way that the ATO addresses the cash economy is through writing to taxpayers and – where identified in ATO systems – their associated tax agent representatives. In 2011-12, the ATO is sending letters... Read more continue reading

SPAA calls for rethink on tax after death

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The Self Managed Super Fund Professionals’ Association (SPAA) has expressed concern about a draft tax ruling which clarifies that income derived from assets supporting the payment of a pension from a... Read more continue reading