Tax

Authoritative and technically accurate information and guidance on all areas of tax

ATO stats reveal who’s lodging this tax time

ATO stats reveal who’s lodging this tax time. The ATO says that Tax Time is off to a flying start with over 3.8 million people lodging their tax returns so far, and 1.4 million of those lodging their own tax return online with myTax. Assistant Commissioner Graham Whyte says myTax has revolutionised the way Australians

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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

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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

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How a mortgage offset account works

“Mortgage offset accounts”, “offset home loan”, “interest offset account” or simply “offset account” — they are all interchangeable labels for the same financial product provided by banks. It is essentially a savings account that is linked to a loan account. An offset facility contains two bank accounts: (1) a transaction account (meaning you have access

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Tax agents! You have some “friendly fire” competition

Tax agents be warned… you have some “friendly fire” competition. The ATO offers help to taxpayers every year from July to October to lodge their tax return. Its Tax Help program is a network of ATO-trained and accredited community volunteers who provide a free and confidential service to help people who need a little guidance

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