Tuesday 19 Mar 2019
Latest Accounting News
Hot Issues
Resources to help understand and implement Single Touch Payroll (STP)
Big fines, prison on the cards as new SG penalties introduced
Extra website resources and tools is one way we offer you and your family more.
FBT Exemption for Various Work Vehicles
Tax payable on expenditure recoupments
ATO identifies SMSF contravention red flags
Who wins dispute about taxable income?
Australia - facts & figures March 2019
Strategies to handle scam phone calls and problem e-mails.
Instant asset write-off threshold upped to $25k
Jail time for GST fraud
Correcting GST Errors
Fuel tax credit rates raised
ATO set to contact clients for overdue TPAR
Reminder on Victoria Property Duties
How Australia is performing.
Global outlook summary: Down but not out
Bookkeepers remind on incoming TPRS obligations
Golden Rules for Deductions
How's Australia going - vital statistics?
Tax, SMEs set to be ‘political football’ in 2019 as election nears
Cap lifted on popular financing option for clients
Expiry of 900,000 interest-only loans set for January
Australian Taxation Office (ATO) Scam Alert: Fake Demands for Tax Payments
Tax Office sounds alarm on popular property strategy
Our Advent calendar for 2018
‘Please do not panic’: ATO boss addresses STP concerns
Articles archive
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
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Quarter 4 October - December 2015
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Quarter 4 October - December 2014
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Quarter 4 October - December 2013
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Quarter 4 October - December 2010
Quarter 3 July - September 2010
Quarter 2 April - June 2010
Quarter 1 January - March 2010
Quarter 4 October - December 2009
Quarter 3 July - September 2009
Quarter 2 April - June 2009
Quarter 1 January - March 2009
Quarter 4 October - December 2008
Quarter 3 July - September 2008
Quarter 2 April - June 2008
Quarter 1 January - March 2008
Quarter 2 April - June 2007
Quarter 2 April - June 2006
Quarter 1 January - March 2006
Quarter 2 of 2010
Articles
Pension Payment Minimums for 2010/11
3 Tax Time Checklists - Company, Individual and Superannuation Fund
Overseas Investment in Australia – Confusion reigns.
Bank Fees Dropping
Personal Credit Ratings – Part 2
Develop a more complete understanding of your financial position by using the Calculators / Financial Tools on this site.
Henry Report - a note on the Report's recommendations
Income Tax Assessment Process Still Struggling
2010-11 Commonwealth Budget
End of Tax Payment Concessions
Australian Taxation Office (ATO)
Income Tax Assessment Process Still Struggling
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The Australian Taxation Office implemented a major overhaul of its computer system and assessment process, which began to effect agents and taxpayers in late December 2009.  Unfortunately, it has not gone well resulting in a great deal of criticism and creating many headaches for tax agents trying to understand the new paper warfare and time to chase up missing cheques, unpaid interest, etc., etc.

In summary:-

January 2010
Tax Office advises we might experience “temporary service delays”.

February 2010
News that there is a backlog of 300,000 returns yet to be processed

March 2010
New four page Notice of Assessment, rather than a simpler one page version.

A significant number of refund cheques just disappeared (down a black hole??)

When some of these refund cheques are mailed out, they are dated two to three weeks earlier.  No explanation or acceptance of fault!

April 2010
Assessments are sent out with incorrect dates.

Assessments are sent out without refund cheques.

Partial Assessments are sent out.

Refund Assessments’ are sent out with General Interest Charge (GIC) charged and (later on in the same Assessments) GIC remitted.

May 2010
Backlog reduced and improvements starting.



16th-May-2010