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Latest News - Tax with Integrity

Latest News

More tax returns will need to provide bank account details

More tax returns will need to provide bank account details From 1 July 2013 individual income tax returns lodged with the ATO required banking details to be available where a return was estimated.  From 1 July 2014, banking details will also be required on other types of returns; and they are:- •   FBT return (from 1 April 2014) •   Company …

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Superannuation – Government Announcements

Government Announcements re Superannuation The Government announced that it would proceed with four of the proposed measures in relation to superannuation.  They are;- Superannuation reforms – transfer of lost member accounts to the ATO.  Increases the threshold below which lost accounts are required to be transferred to the ATO from $2,000 to $4,000, and then to $6,000.  This measure is …

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Data matching: Childcare Service and Educator Payments

The ATO will, through data matching, acquire details of more than 12,000 taxpayers receiving taxable Childcare Service and Educator Payments from the former Department of Education, Employment and Workplace Relations (now the Department of Education), for the 2011/12 and 2012/13 financial years. These will be electronically matched with certain sections of ATO data holdings to identify non-compliance with lodgement and payment …

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Data matching: Qld State Government payments and grants

The ATO will acquire details of entities receiving taxable payments and grants from the Queensland State Government for the 2010/11, 2011/12 and 2012/13 financial years from various State Government departments and authorities. Records matched under this program are expected to exceed 5,000 individuals and will be electronically matched with certain sections of the ATO data holdings to identify recipients of …

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Data matching: Online selling

The ATO has announced that it will conduct an online selling program to obtain details of online sellers who sold goods and services to the value of $10,000 or more in the 2011/12 and/or 2012/13 financial years via online selling sites. Data owners will be included in the program where they: • Operate a business in Australia that is governed by …

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ATO gets serious with the ‘Big Boys’

Following an interview that the ATO gave to the Financial Review, it was reported that the ATO is investigating 86 multinational companies in Australia. The new ATO Deputy Commissioner, Mark Konza, says;  “At the moment – and I should say this process is ongoing, so other cases will be identified over time – these 86 cases where we felt that …

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Disclose offshore income today – Project DO IT

On 27 March 2014, the Commissioner of Taxation announced an initiative to allow eligible taxpayers to come forward and voluntarily disclose unreported foreign income and assets. He urged taxpayers disclose offshore income/assets and declare their interests ahead of a global crackdown on people using international tax havens. The initiative covers amounts not reported or incorrectly reported in tax returns, including: …

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RETIREMENT AT AGE 70?

Retirement age will increase to 67 between 2017 and 2023. Now the government has signalled that the retirement age needs to increase to 70.  Why?  It’s purely financial – the government will expect to save up to $150 billion over the years through this policy change. Research by Randstad in December 2013 (10,000 surveyed) (reference:  Taxpayer Australia) found that most …

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Victim of identity theft?

Identity theft in tax return lodgements is on the increase. Tax returns have been lodged and refunds processed and sent to the…… identity thief!  The only people that need to know your tax file number (TFN) are you, the ATO, your accountant and your employer. Identify theft is a real threat nowadays. To combat this, the Tax Office has set …

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Self Education – You can claim – No Limits!

Good News for self-education – Nurses, doctors, teachers, tradies, marketers and other professionals are the big winners in the recent announcement by Treasurer Joe Hockey to dump the tax that the federal labour government had proposed to implement in 2014. The law would have limited deductions for work related studies to a total of $2000 per year. The cap would …

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BUSINESS CONCESSIONS LOST

From 1 July 2012, as part of the introduction of the Carbon Tax and the Mineral Resources Rent Tax (MRRT), policies were introduced to provide small business entities to some very favourable depreciation deductions. Specifically, *  An immediate write off for depreciating assets that cost less than $6500 *  An immediate deduction for the first $5000 for any motor vehicle …

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Data Matching – Motor Vehicles – ATO ramping

The Tax Office announced a motor vehicle data matching program that is aimed at identifying all vehicles sold, transferred or newly registered in 2011-12 and 2012-2013 where the transfer or market value is $10,000 or greater. This will; Identify taxpayers whose expenditure is in excess of their reported income Identify businesses that sell vehicles and do not report, or under-report …

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Hands off our Superannuation!

As the government has belatedly identified a budget shortfall along with the failure of the mining tax to raise any real revenue, the $1.5 trillion superannuation industry has become a convenient target  to raise additional revenue from. Notwithstanding the recent announcement on increasing the tax rate for certain individuals, there is continuing media speculation that the fiddling with superannuation by …

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Data Matching – Motor Vehicles – ATO ramping up the monitoring of taxpayers

The Tax Office announced a motor vehicle data matching program that is aimed at identifying all vehicles sold, transferred or newly registered in 2011-12 and 2012-2013 where the transfer or market value is $10,000 or greater.  This will; Identify taxpayers whose expenditure is in excess of their reported income Identify businesses that sell vehicles and do not report, or under-report …

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Data Matching – Contractors that have been providing services to local governments and shires! ATO ramping up the monitoring of taxpayers

A data matching program conducted by the Tax Office will examine various local government and shire councils across Queensland, Victoria, Tasmania and NSW.  A sample being looked at by the Tax Office consists of contractors that have or had provided services to them.  A key objective of this exercise is to identify non-compliance with lodgement and payment obligations under the …

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Data Matching – Pensioners or other benefit receivers! ATO ramping up the monitoring of taxpayers

If you are receiving a tax free government pension or other similar benefit, the Tax Office is sharing data with agencies such as the Department of Veterans’ Affairs, the Department of Human Services and Centrelink in order to see whether some benefits and tax offsets are being incorrectly claimed. (source:  The Taxpayer March 2013) At Tax with Integrity, tax law …

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Data Matching – Businesses beware! ATO ramping up the monitoring of taxpayers

A series of data matching initiatives by the ATO will provide them with information that could reveal businesses that are failing to pay the right amount of tax.  The ATO recently announced that a credit and debit card data matching program would match sales made by taxpayers against the taxpayer’s records to identify risk of the taxpayer under-reporting or omitting …

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Investing

The share market has not fully recovered from the GFC, and while it has begun to trend upwards in the past year, it is not predicted to produce great returns for the next 5-10 years. While most investors fled into cash during the GFC, it doesn’t make sense to continue to be fully invested in cash.  Interest rates are low …

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Small business… big impact

Small business is the backbone of the Australian economy!  We’d like to share with you some interesting statistics sourced from the IPA’s professional journal – January issue.  To keep things in perspective, a definition of what a ‘small business’ means does differ globally so here are the definitions relative to various global regions. Australia, fewer than 20 employees Asia (generally) …

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SMSF’s for Gen Y – not too soon

Generation Y are poised to inherit from their cashed up Baby Boomer parents, significant assets.  It is therefore important to bring parent and child together sooner rather than later. Gen Y’s live and breath the internet and seem to be welcoming of professional financial advice.  They adapt to online calculators and tools and are comfortable with visual displays of their …

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The Chartered Tax Adviser (CTA) – The global ‘go to’ brand for high quality tax advice

Because of Gerard Viswasam’s qualifications and extensive tax experience, the Tax Institute of Australia (TIA) has awarded him the Chartered Tax Adviser (CTA) designation. Already recognised in the UK, Europe, Ireland and now in Australia, the CTA designation is a global mark of excellence in taxation and the ‘go to’ brand for the highest quality tax advice.  The CTA is the highest membership status of …

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WHY YOU NEED AN ACCOUNTANT

Traditional Image of accountants Bean counters, keepers of the ledgers (those large bound volumes covered with rows and columns of numbers; making sense to other accountants), the quiet introvert unravelling the mysteries of the numbers before him, reporters of business profits or otherwise. The Modern day accountant Modern computer systems facilitates the manual arithmetic of the now defunct ‘ledger’; the …

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ATO COMPLIANCE 2012-13

WHAT INDIVIDUALS AND BUSINESSES SHOULD KNOW The ATO has published its Compliance program for 2012-13.  It has highlighted areas of focus for individuals, micro enterprises small to medium enterprises and large businesses. Over the coming year, the ATO says it will focus on the following compliance risks for individuals: incorrect or fraudulent refunds from over-claiming and deliberate fraud review of …

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Tax Reform Measures (Household Assistance Package)

The Tax Reform Measures (Household Assistance Package). Some taxpayers will benefit from the tax reforms that were implemented as part of HAP. Australians with incomes of less than $80,000 may receive a tax cut, depending on their specific circumstances. A summary of the changes are provided below. These changes will not affect the way a taxpayer completes their 2011/12 tax …

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Household Assistance Package (HAP)

Household Assistance Package (HAP) The Clean Energy (Carbon Tax) Compensation Payments. This is the name given to the much talked about compensation package relating to the Labour Government’s Carbon Tax policy. It includes; An initial payment – called the Clean Energy Advance Increase to regular payments – the Clean Energy Supplement Additional support to low income earners – the Low …

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Government Changes – new tax information

There are a number of new taxes and associated changes that come into play on the 1 July 2012. One major reason behind these new regulations is the desire by the present government to bring the budget back into surplus in 2012/2013. Some of the important changes are summarised below: Dependent Spouse Rebate From 1 July 2012, the dependent spouse …

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Welcome to our new site

WELCOME TO THE NEW “TAX WITH INTEGRITY” WEBSITE and FACEBOOK PAGE We have refreshed our website with new content and images and easy to navigate functionality.  We want this to be an enjoyable and informative experience for you. Our goal is to give you as much information as possible so you can appreciate what is involved in the preparation of …

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Refund Scams

The ATO have advised that there are a number of refund scam emails currently circulating. These emails claim to come from the ATO and offer a tax refund. Generally, they link to a bogus ATO website asking for personal and credit card or banking details. These emails can differ in their appearance and level of sophistication but will generally state that …

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Latest News

BENEFITS OF OUR MOBILE TAX SERVICE Ease the Hassle of Tax Time TAX WITH INTEGRITY was established to help you avoid all the hassle and time consuming effort to get your tax completed on time. Most people have a very busy lifestyle. Work, family life and caring for children, housework and sometimes looking after older parents, trying to squeeze in …

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Federal Government Budget 2009

The Federal Government Budget 2009 provided some very important tax concessions to small businesses and to individuals. Here are a few of the tax advantages that you can benefit from immediately. SMALL BUSINESSES Investment Allowance Small businesses – here is your chance to buy up big before the end of the year  and benefit from the generous 50% investment allowance …

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BREAKING NEWS – ATO ON THE WARPATH

(Telstra Bigpond News 12 June 2009) If you are a truckie, sales and marketing manager or electrician, watch out – the tax office has you in its sights. Australian Tax Office official Jennie Granger says there is concern tough economic times will encourage more people to fudge their tax returns this year. ‘Deductions for work-related expenses are one of the …

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ATO Audit Activity

The ATO has been actively conducting “data matching”, that is using information from banks, other financial institutions, companies that have declared dividends, other government departments and other sources to cross check the information provided on your tax return. They have therefore been able to work out for example how much interest you may have earned from your savings and term …

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Tax with Integrity

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