Keeping you safe at tax time

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This tax time, the Australian Taxation Office (ATO) is warning taxpayers to keep an eye out for people posing as tax agents who are not registered with the Tax Practitioners Board (TPB). Assistant Commissioner Karen Foat is concerned about a number of people claiming to be tax agents, often promising refunds that sound too good […]

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Life hacks for tax: how to make this tax time quicker, easier and simpler

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Tax time begins this weekend, so the ATO has put together a bunch of information to help people get things right. 1. Decide how you’re going to lodge by 31 October When it comes to lodging your tax return, you can do it either yourself using myTax, the ATO’s online lodgement tool, or use a […]

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Rising number of online scams

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Reports of e-mail scams to the ATO have tripled to almost 11,000 compared to the same quarter of last year. Second Commissioner Geoff Leeper said the ATO is seeing an increase in the number of sophisticated e-mail and phone scams designed to trick people into giving away their personal details such as tax file numbers, […]

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SMSFs – a new standard for rollovers and contributions

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From 1 July 2013, Australian Prudential Regulation Authority (APRA) funds can roll over to self-managed superannuation funds (SMSFs) using the new standard wherever an SMSF provides the relevant electronic service and payment details. From 1 July 2014, all super funds, including SMSFs, must receive contributions in the standard. From 1 January 2015, it is expected […]

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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 to the full extent of the law to ensure people who pay their fair share of tax are not disadvantaged,” Tax Commissioner Michael D’Ascenzo said. […]

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ATO warning to SMSF trustees

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The ATO has warned trustees of self-managed superannuation funds (SMSFs) to be cautious when investing in property. Acting Commissioner Bruce Quigley said he is concerned people are using their SMSF to invest in property without fully understanding their obligations under the law or some people are seeking to take advantage of certain types of arrangements. Mr […]

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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 call 13 28 61 as soon as possible, to discuss their situation,” said Tax Commissioner Michael D’Ascenzo. “It is important to lodge before 31 October […]

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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, making it more likely people will be identified if they leave anything out or incorrectly report items on their tax return,” said Tax Commissioner Michael […]

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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 the burden on the majority of people who do the right thing and meet their tax obligations,” said Tax Commissioner Michael D’Ascenzo. “Our tax and […]

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ATO says: Make the most of MoneySmart Week

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The ATO is getting involved in Australia’s first ever national, not-for-profit, financial literacy awareness week – MoneySmart Week – running from 2-8 September 2012. MoneySmart Week is an Australian Government Financial Literacy Board initiative led by Paul Clitheroe AM and supported by more than 100 organisations from the business, community and government sectors. “The aim […]

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