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Reducing the risk of refund fraud

Posted on May 30, 2014 by editor

Refund fraud occurs where tax returns, activity statements and other documents are deliberately falsified in order to claim a tax refund a taxpayer is not entitled to. Fraudulent claims can be lodged by individuals on their own account or third parties on behalf of others. Often, this can involve identity crime, where taxpayer identities are used by third parties to make fraudulent claims for personal gain. Some examples of refund fraud are deliberately over-claiming deductions, offsets, or expenses by providing false or misleading information, understating income and/or providing fictitious payment summary details, providing false information in a business activity statement […]

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Temporary Budget Repair Levy

Posted on May 30, 2014 by editor

The Government has introduced a three-year Temporary Budget Repair Levy on individuals who have a taxable income in excess of $180,000. The levy is payable at a rate of 2 per cent of each dollar of a taxpayer’s annual taxable income over $180,000. No levy is payable where the taxpayer has a taxable income of $180,000 or less. The levy will apply from 1 July 2014 and apply to the 2014-15, 2015-16 and 2016-17 financial years. It is expected to raise around $3 billion. The introduction of this levy means that individuals with taxable incomes exceeding $180,000, and who are liable […]

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Tips to speed up tax refunds

Posted on May 23, 2014 by editor

Many problems can occur when processing activity statements and tax returns which can lead to a delay in issuing refunds. However often these problems are often caused by small issues and can be easily avoided. Here is a list of tips to help minimise some of the issues that can prevent a speedy tax refund: -Keep personal details, such as postal address, bank details and authorised contacts, updated -Lodge all outstanding activity statements, the ATO are unable to process the refund until they know the extent of the credit -Keep the statement clean. This involves not writing notes outside the […]

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SuperStream changes for SMSF

Posted on May 23, 2014 by editor

Self managed super fund (SMSF) trustees should be aware of the changes to the way they receive super contributions. From 3 November 2014, employers will begin using the new Data and Payment Standard, also known as SuperStream, to make superannuation contributions to their employees.  This means that SMSF trustees will be required to receive contributions electronically from their employers. Employers will have a year to make this change so SMSF trustees should check with their employers about their start date. To assist their employers, SMSF trustees will need to obtain an electronic service address for the delivery of contribution messages.  […]

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Focus on wealthy Australians

Posted on May 15, 2014 by editor

The ATO has received additional Government funding to continue their focus on improving the voluntary compliance of wealthy Australians until 30 June 2017. The ATO began focusing on wealthy Australians in 2009-10 with the ultimate goal of influencing all wealthy Australians to pay their fair share of tax. The ATO hoped to do this by changing attitudes and behaviours associated with tax manipulation, avoidance and schemes. Wealthy Australians are defined as Australian residents who control net assets of between $5 million and $30 million. The ATO’s strategy to influence wealthy Australians includes: -gaining a greater and more detailed understanding of […]

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