What is Australia’s “tax gap”, and how is it measured?

Every year, the ATO measures its revenue and compares that total against the amount of revenue it expected to make. Often, the two numbers are different. The ATO has labelled that discrepancy the “tax gap”. The ATO’s projected revenue total is based on the amount of tax “theoretically payable” in a given year, assuming every

[ Read More ]

Internal tax documents released — a peek into court interpretations

The ATO has released on its legal database a series of what until recently have been internal ATO documents. Internal tax documents released The release of these documents in an initiative that the ATO has labelled “iNOW!” (a contraction of “interpretation now”) and is, according to assistant commissioner Gordon Brysland, “a reinvention initiative to drive

[ Read More ]

Myth busted: Retirees tend to not run down super savings quickly

A report released by the Actuaries Institute last week on retirement income showed that drawdown behaviour of retirees are similar across the board, regardless of the size or type of retirement savings accounts. Retirees super savings quickly The Actuaries Institute’s Retirement Income Market Report, which it labelled as “the most comprehensive study of Australian superannuation

[ Read More ]

What’s delaying that client’s return? The ATO has some pointers

What’s delaying your client’s tax return? The ATO says that while it strives to maintain its service commitment, there will inevitably will be some returns that may take longer to process. What’s delaying client’s tax return? It says typically this could occur when: returns for previous years have been lodged with the current year’s return

[ Read More ]

Investment forms, explanations, guidance

Use the links provided to find out more about investing, and find out more about the Tax Office’s investor’s tax planning tips. Property Tax advice website for investors  The Tax Office’s tax planning website, designed to help investors and tax agents make informed investment decisions. Features a checklist of what to look for before putting

[ Read More ]