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The ATO is focusing on your cash-only clients

The ATO has announced that it is intending to visit businesses around Australia that appear to be trading as, or advertise as, cash-only operations. It says that such businesses are obvious inclusions in its focus on the cash economy. The ATO is focusing on your cash-only clients “Some may be your clients,” the ATO says.

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Your clients now have 30 more reasons to get their tax right

A piece of legislation that has just made its way through Parliament means that come July 1, misdemeanors committed by errant taxpayers will become a lot more costly. Penalty units, which are currently pegged at $180 per unit, are set to increase by a little less than 17% (16.6666%) on July 1, 2017. The legislation,

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ATO extends due date for 2015-16 SMSF returns

This week the ATO announced that it will extend the due date for lodgment of self-managed superannuation fund (SMSF) annual returns for 2015-16 to 30 June 2017. Deputy Commissioner James O’Halloran said the ATO has made this decision as a result of feedback received from professional and industry representatives. “We have heard that many accounting and

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Tax (financial) adviser? You are required to follow confidentiality requirements to keep your registration

As every registered tax practitioner knows, retaining such registration (and therefore maintaining your ability to charge clients for your services) requires adherence to several conditions set out by the Tax Practitioners Board (TPB). Registered tax practitioners includes tax agents, BAS agents, and now tax (financial) advisers. All must comply with the Tax Agent Services Act

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